Está en la página 1de 280

Formacin y

Orientacin
Laboral
Derecho del Trabajo:
Bruno Jess Garca Gonzlez
Prevencin de Riesgos Laborales:
Bruno Jess Garca Gonzlez
M Carmen De Fez Solaz
Orientacin Laboral y Equipos de Trabajo:
David Tena Cornelles

TuLibrodeFP
Cada maestrillo tiene su librillo. Nosotros le ponemos ISBN.





 
 

   
   
 
  
 
 
    
 
 
  
    

  

 

    

  

  

 

'LUtMDVHD&('52 &HQWUR(VSDxROGH'HUHFKRV5HSURJUiFRVZZZFHGURRUJ VLQHFHVLWD
 


  

        

 
! 
 "#$!
%"&'()*+',.# 
#
/
,)012
$OERUD\D 9DOHQFLD
!"#$ '+(0(20'2-2+3010'
  % 4011'*0*-1,
&
! 
 "#$!
'( &
56
76889  
:;
9"8$8
  (  
 <  $8
)*(
&
56
7688<  $8
%+, " 
 
   ! 
 "#$!
!(
 -

/
    %     $
   =   

> 
  
8      
  
 

  
! 
?!@/:/
!)-.&" &$ &"-'/' 0 -.!$1& !$ "-'!$

#
 
A 

  
+>
   


 )2/ HQORVFLFORVIRUPDWLYRVGH
"
 #
 A 
   


  "B!   
 

2 
 

  
 34   
            0
  
 8


     
 

    
A 
 
OLEURH[LEOH


  "B! 
 
 >
  
  
 
   "#
 A  



    

   



   C A 2 
5  

  
 "B!
  '3
  
 


      
     
8
 >            D9
 
7 9
 

  !BAA   


  
  (
 
   



  


  
 
   

     
"B! 
     "##
   
 (

  


  
   >
  
   
 
       
C 
  
A 


6 (
 2
       "B! 9

GHO7UDEDMR3UHYHQFLyQGH5LHVJRV/DERUDOHV2ULHQWDFLyQ/DERUDO\(TXLSRVGH7UDEDMR\6ROXFLyQGH&RQLFWRV&DGDXQLGDG
 

   
E
!


  
  
     

 8
 
 
  
/
 C      

    E
0! 2 (   C     
 > 
  
  C  

0/    7*( 
 8E 

 8
 
     
  

 
   
0&9 
 


 
 
 F"7>G
0-2
 

 8
          
 0
QHQWHSUiFWLFRFRPRVRQODVGH2ULHQWDFLyQ/DERUDO)DFWRUHVGH5LHVJRR(TXLSRVGH7UDEDMR\6ROXFLyQGH&RQLFWRV
$OQDOGHFDGDXQLGDGVHSUHVHQWDQODVDFWLYLGDGHVQDOHVE
0: 2   
   
   
 
  
 
  
  



0;
    
  
        

  



0&

 HOOLEURSUHVHQWDQRWLFLDVGHSUHQVDGHODUHDOLGDGGHOPXQGRODERUDOSDUDTXHORVDOXPQRVUHH[LRQHQVREUH
C

  >
 

  /   
   
  
C

>
 7  H
0&(

 
 (
 VRQQRWLFLDVGHSUHQVDPiVHQFDPLQDGDVDSUHVHQWDUXQFRQLFWRGHYDORUHV\
 
     
 

   7

7   
#
 
H
  8 
  F
> 
GF

G  F.
> 
.G
F.

.G    
  

8 
 >    

 CA
 

  
   
  

8 
  
   
 

    

   
  
   8   


     
     

 

I 
< &   19
1= 
 9
 
>(
*!
 
(
," 9
 
>129
 

12
)A  
 
    
 
13
3!

1+
/   1(

(OFRQWUDWRGHWUDEDMR
1A
 
>*2
*:    
*+
,!
 
> 
,2
1XHYDVIRUPDVH[LEOHVGHRUJDQL]DFLyQGHOWUDEDMR,)
/   ,+

/DMRUQDGDGHWUDEDMR
1!>
 

22
*A

 
>2)
,!
C


23
2D   >
 2+
)! 


 2(
3!  2'
/RVSODQHVGHLJXDOGDG)/   )1

(OVDODULR\ODQyPLQD
1A
)(
/DVJDUDQWtDVGHOVDODULR3,! 31
/   +1

0RGLFDFLyQVXVSHQVLyQ\H[WLQFLyQGHOFRQWUDWR
0RGLFDFLyQGHOFRQWUDWR+3
*!   
+'
,!C   
(*
(OQLTXLWR('
/   '*

66

I 
3DUWLFLSDFLyQGHORVWUDEDMDGRUHV
1! 
   1-*!

  
1-1
,!  1-2
2A  1-3
/RVFRQLFWRVFROHFWLYRV1-+
3A 
 
 1-'
/    11-

6HJXULGDG6RFLDO\GHVHPSOHR
/D6HJXULGDG6RFLDO 113
3UHVWDFLRQHVGHOD6HJXULGDG6RFLDO1*,9 1*)
/   1*(

/DSUHYHQFLyQGHULHVJRVFRQFHSWRVEiVLFRV
1   1,2
)DFWRUHVGHULHVJRODERUDO1,)
,9H  
> 
1,3
0HGLGDVGHSUHYHQFLyQ\SURWHFFLyQGHULHVJRVODERUDOHV12,
/   12+

/DSUHYHQFLyQGHULHVJRVOHJLVODFLyQ\RUJDQL]DFLyQ
/HJLVODFLyQVREUHSUHYHQFLyQGHULHVJRVODERUDOHV1)*
/DRUJDQL]DFLyQGHODSUHYHQFLyQHQODHPSUHVD1)(
3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODSUHYHQFLyQGHULHVJRV1)'
/DJHVWLyQGHODSUHYHQFLyQHQODHPSUHVD13/   132

)DFWRUHVGHULHVJR\VXSUHYHQFLyQ
/RVIDFWRUHVGHULHVJRODERUDO1+)DFWRUHVGHULHVJRGHULYDGRVGHODVFRQGLFLRQHVGHVHJXULGDG1+)DFWRUHVGHULHVJRGHULYDGRVGHODVFRQGLFLRQHVPHGLRDPELHQWDOHV1+)
)DFWRUHVGHULHVJRGHULYDGRVGHODFDUJDGHWUDEDMR1(1
)DFWRUHVGHULHVJRGHULYDGRVGHODRUJDQL]DFLyQGHOWUDEDMR1(,
/   1((

I 
(PHUJHQFLDV\SULPHURVDX[LOLRV
1A  
  1'2
*#

C   1'3
,$ 
   1'(
$FWXDFLyQIUHQWHDRWUDVHPHUJHQFLDV *-1
)
     *-'
%RWLTXtQGHSULPHURVDX[LOLRV *-'
/    *1-

2ULHQWDFLyQODERUDO
1




  *13
*/   

  *1(
,WLQHUDULRVIRUPDWLYRV\SURIHVLRQDOL]DGRUHV **1
/DE~VTXHGDGHHPSOHR **,
)B 
  A
  **)
3!
 
  **(
(OFXUUtFXOXPYLWDH **'
(!
  
> *,/DPDUFDSHUVRQDORSHUVRQDOEUDQGLQJ *,)
/    *,3

(TXLSRVGHWUDEDMR
(TXLSRGHWUDEDMR *2*
)RUPDFLyQGHORVHTXLSRV *2,
7LSRVGHHTXLSRGHWUDEDMR *22
(FDFLD\HFLHQFLDHQHOWUDEDMRHQHTXLSR *2)
3DUWLFLSDFLyQHQORVHTXLSRVORVUROHV *)1
/RVSURFHVRVGHLQXHQFLDGHOJUXSR *)*
(OOLGHUD]JR *),
'LQiPLFDVGHWUDEDMRHQHTXLSR *),
/    *)2

&RQLFWR\QHJRFLDFLyQ
(OFRQLFWR *3*
(ORULJHQGHORVFRQLFWRVODERUDOHV *3*
7LSRVGHFRQLFWR *3,
5HVROXFLyQGHFRQLFWRVODERUDOHV *32
&yPRSUHYHQLUHOFRQLFWR" *33
/DUHVROXFLyQGHFRQLFWRVGHVGHODQHJRFLDFLyQ *33
)DVHVGHODQHJRFLDFLyQ *3(
&RQVHMRVSDUDQHJRFLDU *+7iFWLFDVQHJRFLDGRUDV *+/    *+1

44

?  

A9
 
>
: $1&$! "
1= 
 9
 
>
*!
 

," 9
 
>
29
 


)A  
 
    
 

3!



#>&1!? "
04


8 C 9
 
> 

   

0$
  
 
 
 


0
  


     
0D
 
  
 
> 

0$
    
       
 

0

 
>  


?91A!9ADA=B9A! D/&/5B




< A    19


 
  9    
 
 
 (

 
  % BB

 


 

 
 

    !
  
"




 
  #


 $


 % 
 
%
$
 & )  
 %  %  
 
 
& '
 

( )
   %   

C"'#D'" E;&<<<F

 
 
 #

.

% '
 & '

 
 7

89  
:
6HSURKLEtDHOWUDEDMRDPHQR

 &
6H HVWDEOHFtD XQD MRUQDGD
(2  




  5 &
8   
3


(  

 %  


;
&
2
 

( <

* '
  .(
!
(
  +!,,,-+,+  

.
 


% 
 
& '
   
.
  '(
 /
  

  0
TXHVHUPDEDOLEUHPHQWHHQWUHORVWUDEDMDGRUHV\ORVHPSUHVDULRV6LQHPEDUJRHOFRQWHQLGR





 
 0  
1
 


   #
 


 

   #
  
,
 

  9  ) 

.


2.
 % 

$QDOHVGHOVLJOR;,;\SULQFLSLRVGHOVLJOR;;FRQOD 
 
 
 &




 
.
% 
 .     

  %  
 
 
( ) 3
  
  9    
    

 


  %  
 #
  
   

  
  #



 
 % 
   
 
 
 #


#

   19 

 
7 0  

 #


 
%1 
 #
) 

 
 0

   % 

GHFLGHQOLEUHPHQWHUPDU\HVWDEOHFHUODVFRQGLFLRQHVGHWUDEDMRGHQWURGHOPDUFRMDGRSRUODVOH\HV 

<  

1RWRGRVORVWUDEDMRVWLHQHQODFRQGLFLyQGHUHODFLyQODERUDOGHFDUDDUPDUXQFRQWUDWRGHWUDEDMR3DUD

( (
 
 
 ' #
 
(
 *(6LQRVHFXPSOHDOJXQR


 
#  
.   
(    

( 
 $


 % !

(
 
 
#  #)
(
2 
 
. 

- % 

- % (

.*(  



%

- % (
4- % 


5- %  (
 9


#

4

D
 
9  
>


  % 
 #


( 

  %
 


"   
 %  )
$
( %DUPDUXQFRQWUDWRGHWUDEDMR$GHPiVVHSXHGH

   
"    6
/DQDOLGDGHVREWHQHUXQEHQHFLRHFRQyPLFR 
%  

       #
 

 %  

#
  
(
    

  . #
  


 %    VDODULRMR  



 


KDREWHQLGREHQHFLRVRSpUGLGDV(VDMHQRDHOOR

?91A!9ADA=B9A! D/&/5B




=>) 


( H[FOXLGDVGHODUHODFLyQODERUDO?  #
  
 

 
# 
 
  

 #



 
:
 %
 +(

 
 

   

  "
 
 
 *( 
%

  
%
    



    % 
 9   (
 
  

3RUHMHPSORDUUHJODUXQHQFKXIH
      "
 7

"

 
  A*B
       


#
 


 
   . 
 
 9 + " #




#


   .
  
 

VXSRQHTXHDOVHUGHODIDPLOLDVHHVWiEHQHFLDQGRGHTXHYD\DELHQODHPSUHVD\QRKDEUtDDMHQHLGDG6HFRQVLGHUDQIDPLOLDORVIDPLOLDUHVSRUFRQVDQJXLQLGDG\DQLGDGKDVWD %(
 % #

@


 

0
2 1




 

 
9    SRU HMHPSOR 6/ 6$ HWF  FXDQGR QR UHDOLFHQ QLQJXQD RWUD
" 
 

   
 
 %
  #


 

 "
  #
  " G  

\QRWLHQHQQLQJ~QVDODULRMR
 (
 
 



 
  

 #
 


 
 #


  6. 
  
 .
=>)
 

 +   %(
 %? %


 

(
FyPRFDGDOtQHDHQHOiUEROJHQHDOyJLFRVLJQLFDXQJUDGR\FyPRVHSXHGHDQGDUKDFLDDUULED\KDFLD
% 
 
 6        


%(
 

'

 
  + 0 
1 

DQLGDG   +  
(% %
#

 .



  #
 ' 

 
3


6XVDEXHORV

E
3DGUHV VXHJURV

E
F.

3DGUHV
E

E
CA
E
D%

D>'1&

E

E



E

D


3LHQVDHQTXLpQHVGHWXIDPL 
 '



 
     #)
 




  

  
  #)
   

  
.   

4E
3ULPRV

E
6REULQRV

E
*

3RU ~OWLPR H[LVWHQ XQDV 
  #


   #
 
 


 
    ,QHFHVLWDQXQDUHJXODFLyQHVSHFLDO3RUHMHPSOR

 '

    
( %
   %   
 


% 
  #


   
.  

 



   

:

@









 

 
. 0 
"1
 
"
  '
 
 
  (



 '


 


( <

 






  
 





 
 
 )  


 0G,@1   


 '



?91A!9ADA=B9A! D/&/5B
C"'#D'" E;&<<<F

$

 .
2

 


.
  1.'&  % 
.

 


.


6H WUDWD GH XQ DXWyQRPR TXH
% 

 
 

0
'  


 I=G  ( 
1


 #




 


 
 
  
 
. 

 .




'H  9 (



 % 
 .
(
2 
 
.  
 =#)
   .?
(  

 )

.  

 
":
.5%
 (
 3ULQFLSDOPHQWH
 % 
    @  #


  "   (
 

'  
  
 0

  
1
 
(% +  
    #


 


 . 


 0 
%1
 +
 #
%  
  
(
  
 '
 0  
 .
1
   
  
%

 

  0" "' 1 #

%
6 +(


 

  %

'  
  
  #

( 



 +


 0#


 (
 5H
    %  '
1
3RUHMHPSORHOJHUHQWHGHXQDHPSUHVDTXHDGHPiVHVHOSURSLHWDULR

: 2 
6HxDODHQORVVLJXLHQWHVFDVRVSRUTXpQRVHWUDWDGHXQDUHODFLyQODERUDO
1 

 "
F6 @%  

"
6
    
  #


1 G

 


  .  .
 "
 #



1 3 ) 
 

 
 "
  

  

 &  #

 '

1 ,
 #
""
   
 
    ( 
  
  #



H /DXUDGLVHxDGRUDJUiFDWUDEDMDGHVGHFDVDUHDOL]DQGRGLVHxRVJUiFRVDWRGDVODVHPSUHVDVTXHVHORVROLFLWDQ
"(
:

D 6HWUDWDGHXQDFWRGHEHQHYROHQFLD D\XGDUDXQD21* TXHVHKDFHGHIRUPDHVSRUiGLFD\QRFRQUHJXODULGDG


E 1RWLHQHJDUDQWL]DGRXQVDODULRMRLQGHSHQGLHQWHGHVLYHQGHRQR6LQRYHQGHQDGDQRFREUDQDGD
1   

 "
 
1   % '

  
    

  ""
   


1 %
.  #


   









< (
    9
3


" #

 $


 %
 

 /2I
   #

  

< 0

 #

1   "  0

  %  

    
1
  
"  
 (2 

  +(
 *(  

*(   

.   (
  9*(,:
E- *"
 J
E- F. &
E-   ,






$


 %

4E- 


5E- @


;E- F"
 
"
9E- F
%
8E- J  







?91A!9ADA=B9A! D/&/5B

*"

 J

$


 

&
  J
 K8;  "
 J 2  
 
(  
:
(


 #
 #
  F.   
  "


 
 ) %
D " 
 

 
   
 J
6HWUDWDGHQRUPDVTXH
,
     

 J 
 #



 ,
( 96XIXQFLyQHVDFHUFDUODVOH\HVGHWRGRVORVSDtVHVGHOD8(SHURGHMDQGRFLHUWD

  #
   
 
%
 
"
3RU9
 



 % 

 & K8K 
.  $
"
 
  6  #
 
   
   

 
 3 '

 & 
.
OD/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHVHQSXHVVHWUDWDGHXQD'LUHFWLYDHXURSHDTXHVHKD
"
 
  
 


F.
&

 F.
     "
 
 
 


   #



'

  
   

   :


   
    
   

 ' 





  % 

 % 


  
   
 

(OGHUHFKRDQHJRFLDUFRQYHQLRVFROHFWLYRV\DGRSWDUPHGLGDVGHFRQLFWRFROHFWLYR



   
     


   
 




 %  

 

    %  


   "
 
  
. 

 
,



/RVWUDWDGRVLQWHUQDFLRQDOHVTXHDSUXHEH(VSDxDSDVDQDIRUPDSDUWHGHODQRUPDWLYDLQWHUQD3HURHQ

  GHEHQVHUUDWLFDGRVSRUQXHVWURSDtV
6H+
  
   ;&
 #
) 
 




#





DOD8(PLHQWUDVTXHORVWUDWDGRVLQWHUQDFLRQDOHVKD\TXHUDWLFDUORV
$
  :

   !1 0A6. ,

 %1 #

  
PtQLPDVSDUDWRGRVORVSDtVHVGHOPXQGRTXHORVUDWLTXHQ$OLUGLULJLGDVDSDtVHVGHWRGRHOPXQGRDYH
  

 
    
 0
%
  F"
 
& #
 "


(
 
 
1





 

  (
 : J
 &RQJUHVR\6HQDGR \VXIXQFLyQHV  
:
(
3   F. 






  
 
( . 









2
 "    :
  %2
:
 

 ' 


 F.


 








 


   
  
  
:  #


 




. 0%VHHQFDUJDGHXQLFDUYDULDVOH\HVHQXQDVROD(O(VWDWXWRGHORV7UDEDMDGR

  
  '
@
-$

 
"
. 0 :
   
 B

 




   

) 

#

VHUFRQYDOLGDGRSRUHO&RQJUHVR6XHOHVHUXQDIRUPDGHDSUREDUOH\HVFXDQGRHO*RELHUQRWLHQHPD\RUtD
DEVROXWD\VDEHTXHGHVSXpVHO&RQJUHVRORYDDUDWLFDU

@



 

  (  J
 \OD$GPLQLVWUDFLyQ6XIXQFLyQHV
 2 7

   #

  
 
#
&
 


 (   
 .  #


 F
%
G 0
 B
1   A

G
 #

   

D  

 



 % 
%

 @$ 9LK8 
 





?91A!9ADA=B9A! D/&/5B




F"


"

 F.






 
    
   FLRQHVGHWUDEDMR3RUWDQWRVRQXQ  
 #


 '
6
  2


"
  #
  
 

 "
:
 

 


  

 )
2
 "




 

    

 


 #
 
 0
 
 % 
1



   

%    *(  

  93RUHMHPSOR
 %  (2  4    


  &   "
   

  
  & ) 

#
 



 "
 
%
:  .


 

 
 (
 "


F

%

 
%  

 '

   


 #

 
(
VXMHWRDWRGDVODVQRUPDVDQWHULRUHV6HWUDWDGHXQ  

(
9 (

 




     


   #
( 9  #



 
 
 "


J 



 


 
  #


  (  

  
FRQVWDQWH\TXHHVDFHSWDGDSRUODFRPXQLGDG6RORVHDSOLFD
 

%(

 #


#


 

D

  
 +
 
%
:  

 F 

'
  
  
 
  
( 
<  

'H -
  
  +(


 
#
   2 +(
 #


     
 =  0
 (2   "3DUDHOORUHFXUULUHPRVDORVVLJXLHQWHVSULQFLSLRVGHDSOLFDFLyQGHODV
'




:
#;":' &$ ' K&#

#( ( 




 



: :LL"

%  L"


 
J "
6

 ( 6  






  
 "

  .  " #) "
 


 
  '"
3RU~OWLPRWDPELpQSXHGHV

 "



 #


 



#
  
>

7

 

  (


( 

  
+  
#
 '

  

 

3RUHMHPSORXQDOH\QRSXHGHFRQWUDGHFLUOD&RQVWLWXFLyQ

&RPSOHPHQWDDODMHUDUTXtDQRUPDWLYD6LJQLFDTXHODVQRUPDV (0
 
(
 ,
 #
  
+  


#
  

  , 9<

 7 
3   



 
 
"
  "


" #

 '
   
%


6LHO

 XQDFRQGLFLyQPiVEHQHFLRVDSDUDHOWUDEDMDGRU
#
  

 #

  

 
 "
  

 


 
%
   
YROXQWDULDDORVWUDEDMDGRUHVVHDSOLFDUtDQHVWDVFRQGLFLRQHVPiVEHQHFLREHQHFLRVD
 
 #
 
6LVHSXHGHQDSOLFDU

   
(  #


#
  
PiVEHQHFLRVDHQVXFRQMXQWRSDUDHOWUDEDMDGRU3RUHMHPSORVLVHSXHGHQ

 
  "


 

 ( '"

 .


 0
    "

 #

 "




( 
1
#
  
 % 

 (
 #
"  
(
  



     #

 

  

 
 "

3RUHMHPSORQRSXHGHQSDFWDUTXHUHQXQFLDQDOVDODULRRDODVYDFDFLRQHV
 

 
2
.  #
#


 #

  (  
#
  



(  +  9
F   
3RUHMHPSORHQHOQLTXLWRYDQLQFOXLGDVODVSDJDVH[WUDV&RPRODOH\QR

 

G
   "     


 #
 
(




?91A!9ADA=B9A! D/&/5B

: 2 
35,1&,3,2'(1250$01,0$
3  




 
! 
 
 
 
  

 '


 $

:
 (O6DODULR0tQLPR,QWHUSURIHVLRQDOTXHHVWDEOHFHHO5HDO'HFUHWRSDUDHODxRHVGH
 (OVDODULRGHVXFRQYHQLRFROHFWLYRTXHMDXQDFDQWLGDGPD\RUSDUDRFLDOHVGHSULPHUDVLHQGRGH
4XpVDODULRGHEHFREUDU9LFWRULD"3RUTXp"3RGUtDHOFRQYHQLRHPSHRUDUHOVDODULRGH"
"(
:
/HFRUUHVSRQGHJDQDU\DTXHHO5HDO'HFUHWRHVXQDQRUPDPtQLPDUHVSHFWRDOFRQYHQLR\SRUWDQWRHOFRQYHQLRSXHGHPHMRUDU
HVH5HDO'HFUHWR6LQHPEDUJRHOFRQYHQLRQRSXHGHHVWDEOHFHUXQVDODULRLQIHULRUSXHVGHEHUHVSHWDUHVHPtQLPRTXHPDUFDXQDQRUPD



: 2 
35,1&,3,2'(&21',&,106%(1(),&,26$
(QHOFRQWUDWRGH9LFWRULDGHOFDVRSUiFWLFRDQWHULRUVHKDSDFWDGRTXHYDDJDQDUDOPHV
D (VHOORSRVLEOH"3RUTXp"
E 4XpVXFHGHUtDVLDODxRVLJXLHQWHVXVDODULRGHOFRQYHQLRVXELHVHDDOPHV"+DEUtDTXHDXPHQWDUWDPELpQVXVDODULRHQ
SDUDVXELUD"
"(
:
D 6tTXHHVSRVLEOH\DTXHVHWUDWDGHXQDFRQGLFLyQPiVEHQHFLRVDGHOFRQWUDWRUHVSHFWRDODVQRUPDVVXSHULRUHV
E 6HxDODHO(VWDWXWRGHORV7UDEDMDGRUHVTXHVLXQWUDEDMDGRUYLHQHUHFLELHQGRXQDPHMRUDYROXQWDULDGHOVDODULRSRUSDUWHGHODHPSUHVD
 



 
 

 
 "
 0
 

1 

(
     #
 
 


 % 

 #

    ( 0 1
#
 #


 "
  
 (      
VXELGDGHOFRQYHQLR(QGHQLWLYDHOWUDEDMDGRUWRGDYtDJDQDPiVTXHHOFRQYHQLR\QRVHOHDSOLFDODVXELGDGHOFRQYHQLR

: 2 6
35,1&,3,2'(,55(181&,$%,/,'$''('(5(&+26
8QWUDEDMDGRUDFHSWDUPDUHQHOFRQWUDWRTXHYDDJDQDUPHQRVGHORTXHHVWDEOHFHHOFRQYHQLRSDUDVXFDWHJRUtDSURIHVLRQDOSXHVOH
KDFHPXFKDIDOWDHOWUDEDMRHQHVWRVPRPHQWRVGHFULVLV(VSRVLEOHKDFHUOR"3RUTXpSULQFLSLR"
"(
:

* 



   

 


  %   

 #

  

 
 #

  

 
 "


: 2 =
35,1&,3,2'(1250$06)$925$%/(
 

 
"

 
 "

 

 
 
 
   
 "
    


 
 # 
  "  )
( "  


 F   




 % 
 "

 
"
"
 


#
     

%   



 
" "
  #
 
%
HQQDGDHODQWHULRU'HFLGHQUHFODPDUDQWHHOMX]JDGRTXHVHVLJDDSOLFDQGRHODQWHULRUFRQYHQLR3XHGHQUHFODPDUORVUHSUHVHQWDQWHV"
3RUTXpPRWLYR"
"(
:

6tTXHSXHGHQUHFODPDUSRUHOSULQFLSLRGHQRUPDPiVIDYRUDEOH&XDQGRVHSXHGDQDSOLFDUGRVQRUPDVGHOPLVPRUDQJR ORVGRVFRQYH 


   #


1 
( #
  #

 ( '"
  % 

' %



?91A!9ADA=B9A! D/&/5B




6<   


 F. 
 
 % 
 
& 

   
 #


 
WUDEDMDGRUHVHQPDWHULDODERUDO/RVFODVLFDUHPRVHQGHUHFKRVFROHFWLYRV\GHUHFKRVLQGLYLGXDOHV/RV


 
" 
(
  J$ ;
 

$



"






  
 
$


(%
3 
 

 
"
3   
 
FRQLFWRFROHFWLYR
$


(


3 
 

  ")
 



:

 

  )




$


 " 


3 % 


+
\RFLR
$


(
+ 




%   
  

 ( #

 


   %   
2
 
3URPRFLyQSURIHVLRQDO\DOD)3(VWHGHUHFKRLQFOX\HORVVLJXLHQWHVGHUHFKRV

 
<  #


6
 "

6ROLFLWDU

H[iPHQHVSRUHOWLHPSRQHFHVDULR GHEHQVHUHVWXGLRVRFLDOHVH[iPHQHVGHQLWLYRV
3   

DYLVDUFRQDQWHODFLyQ\OOHYDUMXVWLFDQWH 
3
% (
GHWUDEDMRSDUDSRGHUUHDOL]DUHVWXGLRVRFLDOHVVLHPSUHTXHODVFRQGLFLRQHVGHOD


  

3  %( 
 

 6.

2 6 

 
  
HVWDGRFLYLOHWF6HHVWDEOHFHHOGHUHFKRDSHUFLELUHOPLVPRVDODULRSRUWUDEDMRGHLJXDOYDORUFRQ




 
 '

3  
%(  %


 % 

 





 


  %    #


  
 

"
.

 

3  
   %
 
   '
 "

 ' 

6 
2


     


   '



"  %  #

"



 

 
3 
: "

 


%  

 % 
3  

. 
 (

     
    "


2.
   

 % 

: 2 4
'(5(&+26/$%25$/(6,1',9,'8$/(6
 % 



 "

 #
%( 





#

 
  #

 

 #
"
 

 
  #


        #

 
 3   

  


   
8
 & 
 
#


 
"    #
  "   J %  %"
 #


    '" 
ODWDUGHSHURFRPRHVWiHQHVHWXUQRHQODHPSUHVDQRSXHGHDFXGLU$ORVWUDEDMDGRUHVLQPLJUDQWHVOHVSDJDQPHQRVDOPHVTXH
 
  
 *  
 

. '

 


  (#   
 #

 
=>)


 

( "
 ? "(
:


   .
'
" 
 



 % 
    % 
 
   

 


 


 

 
%  

  

#


 
" 



       .  6.
6 
    

 



   
 








  
 

"
. '

 
 
 


6




$






?91A!9ADA=B9A! D/&/5B
'(  (
 +QRSXHGHGLYXOJDUVHFUHWRVGHODHPSUHVDRFREUDUJUDWLFDFLRQHVGHORV
FOLHQWHV(QGHQLWLYDGHEHWUDEDMDUFRQKRQHVWLGDG
'( 
%
: 
     
.
  %  


 
 

  
F   9   (   #
      
    
   
%
$ L 
   

:  

%
   


  
 .   

   " 
    

'

  
 
:  


 '


'
  
 

. 

 
#

.  "  #


'



:(  
  
(
   

#

 

     & 
 %   
 '

   "  "   

    
F  

 
 

 
  
 

 

 %6   

(



  "   


/

I
  #

( 
   
   
(





 

  ( 

  %  
  
  
"
(
  J$ 5

2.
 

: 2 I
&803/,0,(172'(5'(1(6

6 

  


 
#


 '. #
 

  
     #
 





   
    =>)

 
? "(
:
F  



   
(


  

 
 




 M6  F



  
 

 


  '
   "  "   
     
  
 




 
   
     




 
    #

) 

 

: 2 @
&203(7(1&,$'(6/($/
G %
'

)
  

!
 F % 
 %   
  #

   
  
 ) 

  

!
 #

 

 
   '
'#
 #
' F  
 


" 


 #
 
  
 
  #

 
#
 %
  =(
  
  
?
"(
:
6tSXHVVHSURGXFLUtDXQDFRPSHWHQFLDGHVOHDODOWUDEDMDUHQGRVHPSUHVDVGHODPLVPDDFWLYLGDGFRPRWUDEDMDGRUDSRUFXHQWDDMHQD


 


 


  2


    
 "
 


  


#
G %
(



  
  #
  
  

: 2 3
3FJ3@ FA* $,,B*F,3
J


    '.  %

6

( 6  


.
 
 

  % 

GHOWDOOHUGHGLEXMR3DUDHOORHOLJHDGRVWUDEDMDGRUHVFRPSHWHQWHV\OHVGDXQDQXHYDSLH]DSDUDTXHODGLEXMHQVHJ~QXQPRGHORORV
JUDEDQHQYtGHR\YHFXiQWRWDUGDQSDUDMDUHOUHQGLPLHQWRKDELWXDO$SDUWLUGHDKtSHUPLWHXQPDUJHQGHXQGHWLHPSRH[WUDDO


% 

 

% 3 #

" 

 &

 
    " ( 
 
 



 
\GHVLQWHUHVDGDSRUHOWUDEDMRFRQORTXHFRQWLQXDPHQWHVXSHUDORVWLHPSRVPi[LPRVGHGLEXMRGHODVSLH]DV3XHGHVHUVDQFLRQDGD
 

? "(
:
F 3
( %   
 

' "   
%
 
 
     




 



  
   #
  
   
<  #


6
 "
 
"

=

?91A!9ADA=B9A! D/&/5B




=< &   



 
 
'H -  
 %



 

 '

  
   % 
   "

   
 

#

 

     & 
 %   
 '

  
YLGDSULYDGDRDWHQWHQFRQWUDVXGLJQLGDG3HURDGHPiVWLHQHHOSRGHUGHYLJLODQFLDVREUHORVWUDEDMDGRUHV
  
( 
    
 
  %
 VHPDQLHVWDHQ6
ORVFXDOHVKDQVLGRLQWHUSUHWDGRVSRUHO7ULEXQDO&RQVWLWXFLRQDOSDUDMDUORVOtPLWHVGHFXiQGR

"



     :
@
 

  
 


!  ")
(

3RGHUGH
"

!
 


.
!
 . 

D 



 
#


  %(    #
 %   
6  (
 
 ( 
   %   #
RVXVREMHWRVSHUVRQDOHV EROVRVFDUWHUDVLQFOXVRYHKtFXOR FRQHOQGH


"
 


 
 % 

3DUDHOORVHUHVSHWDUiDOPi[LPRVXGLJQLGDGHLQWLPLGDG\VHFRQWDUiFRQ
 

 


 % 
  


9

#;":' &$ ' K&#

6LTXLHUHVSURIXQGL]DUHQHVWH

 

   


 


 QDO 6XSUHPR VREUH HO FRQWURO



 


.

 



:
NNN 
 L
"
L
OOL; 845 4
;K


54
'';488
6H WUDWD GH XQ OHQJXDMH PiV
%  
 

  



    ' 



 #
.
 

4

4   

 


6HSRGUiYLJLODUPHGLDQWHFiPDUDVHQORV (%  9  



6

 "
 

  
"  ( (
  (

 #
 
 (  

 




 % 



 
+
#

2
 (
"
 



4    



 
 

 


(O7ULEXQDO6XSUHPRLQWHUSUHWyHQTXHODHPSUHVDSRGUtDYLJLODUHOXVR
#
 % 
 

 
 



  




.



3DUDHOORGHEH  
   9
#


# '(  ( 
 
"    

 
 


 
#

( 
    
  3
(


(
 


 % 
'




 





 % 


4   
  
 


F   % 



)
9   


'

  

  ( "  .   ")


 )  
6   
 5
 


  
 '
 
     
 


  % #


 ( 
(
 
 ,
. G) 

?91A!9ADA=B9A! D/&/5B




#H - 



   

 .

  " #

  #

( 




  9   
  #
 
  
  
  .

  " #


 
 

  


=E(5 
( 
 

 
  ?  
 

  

 
 #


6 #)   
"  
 +  + % + (
% $

 #
 
 
 %        
   
#
   "

6LXQWUDEDMDGRUFRPHWHXQDIDOWDOHYHJUDYHRPX\JUDYHORV 

 ) 
&
  


 #

" 
%   

(
 2

"  
.

   )  
GHYDFDFLRQHVRGHGHVFDQVRREOLJDWRULR6LHOWUDEDMDGRUQRHVWiFRQIRUPHFRQODVDQFLyQSRGUi0
 
  >(L%

 6
  (

 
 ) 
& #
 + 
  
       6   

 2 % #

 %  '

#;":' &$
1; : $?&$!

7
  "
 (

  ' 
"
  '
"
   '  YHV 6HxDOD  TXH WH KD\DQ
   
.
=>) 

( 
"
  "
 
<

 
'?
=>)   

  

.
'?

 L

. :  ' 
"
      "
       "
 
 ; 

#



 
#



       ; 



#




 #


   


: 2 
32'(5',6&,3/,1$5,2

 % 



 #





 "

 
 


 
 %  #



KDGHFLGLGRFRQWDELOL]DUFXiQWRVGtDVH[DFWDPHQWHOOHJDQWDUGHHQXQPHV8QWUDEDMDGRUOOHJDYHFHVWDUGHRWUR\HOWHUFHUR6HJ~Q

 "

 
 =#) '  
      #) 
 

 

? "(
:
6HJ~QHOFRQYHQLRGHOPHWDOODVIDOWDVGHSXQWXDOLGDGQRMXVWLFDGDVGHKDVWDYHFHVHQXQPHVVHUiIDOWDOHYHHQWUH\YHFHVVHUi
' "
 
(
 "


  
 
; 

 

  & 
( '  "

3RUIDOWDOHYHFDEHDPRQHVWDFLyQSRUHVFULWRSRUIDOWDJUDYHRDPRQHVWDFLyQSRUHVFULWR\RVXVSHQVLyQGHHPSOHR\VXHOGRGHD
GtDV\SRUIDOWDPX\JUDYHDPRQHVWDFLyQSRUHVFULWR\RVXVSHQVLyQGHHPSOHR\VXHOGRGHDGtDV\RGHVSLGR&XDQGRH[LVWDQ
" 
 
 



(  ( "



4<  (


 


  
& #) . % 

2


 


&:
58 
GHOR6RFLDO -6

$ 


GH-XVWLFLD 76-


 9(L% 2 2 



 
 
 % 

 
     

 "

 "

 
 . %   #



@

"
 (
.   


 M6GRVGHOR6RFLDO7DPELpQUHVXHOYHDOJXQDVPDWHULDVVLQGLFDOHV\ODVUHFOD
 '

   @  D     .

/  
1DFLRQDO $1

@

"


 
  
" #

 0


6XSUHPR 76

&RQWUDODVVHQWHQFLDVGHORV7ULEXQDOHV6XSHULRUHVGH-XVWLFLD\GHOD$XGLHQ * 




 (
(  
DO7ULEXQDO6XSUHPRDVtFRPRSDUDXQLFDUGRFWULQDGHGLVWLQWRV76-TXHVHRRQWUDGLJDQ
$ 

 (
   #


    
 #



 #
"
   F.
6LQHPEDUJRH[LVWHQ %(
 ,(
 F. #
 

 
  #


 
 

  

  
) 

 

 ' 

 #

( 





%:     .


  
7&

(
 (


#;":' &$ ' K&#

& 1(

 >(

  (
 F 
 M
!
:
:LL
 "
LP%L
L   #)


 
 M  #


(
2
  #) 

 


  


    

I

?91A!9ADA=B9A! D/&/5B0/ %4%9/9A$


: 2  
'H  

MH3LODUDFDEDGHUPDUXQFRQWUDWRGHWUDEDMRFRPRYHQGHGRUDHQXQ

 
 F  (   

  
  


 #
     
 "  < 
 
 =
 
?
MH ,    

 
 
(
2   




%  6  #):
D 8QYHQGHGRUGHOLEURVTXHYDDFRPLVLyQ6LQRYHQGHQDGDQRFREUD
 
1 ( #
 

 

  
  ""

 *
UHFLEHVDODULRMRSHURpOVDEHTXHORVQHVGHVHPDQDUHFLEHDOJRGH

 (
   
1 !
.
 

  ) "


6ROLGDULDV$FXGHDVXVUHXQLRQHVSDUDFRODERUDUHQORTXHKDJDIDOWD
G 6DQWLDJRKDVLGRQRPEUDGRSDUDVHUPLHPEURGHXQDPHVDHOHFWRUDO

  .2




1 J

 
6 

    
  



  '   
" 
 
'1  %
   
( 

  

6 
 


 
#
& % 
1 3
 F 
  '
  M"
 7

 
'

1 G
  

 
 

    
 7
)  
  %




:H  %
 
4MH J

   

6  

.

 
FRQWUDWDKRPEUHVGHUD]DEODQFD6HHVWiYXOQHUDQGRDOJ~QGHUHFKR

 % 
?
IMH J 
 #


 
 %    #

#

" 
 
  
   
)'  
< 

 #

6  "
   
"
   
SLGHHOQLTXLWR4XpGHUHFKRGHODWUDEDMDGRUDVHHVWiYXOQHUDQGR"
@MH 8QDHPSUHVDWLHQHWXUQRVGHWUDEDMRMRVGHPDxDQD\GHWDUGH

     

Q
 G
 #

  
   '"

 #




 
&
7LHQHGHUHFKRDpO"3RUTXp"
3MH 3' %

  



 F

( 
 
 
 %   &   
   
 

  
"(
   
"



"  % =>) .
( 
 ?
MH 3
(    
 

%
 


  



 
 F 
 
  '
 "


 
 


 




 #




%

    '     


   #
% =F

 #

( 
  




?
MH 3 $ 
   
 
#


 (
(    #




  
    
 


.
  # $
  
(

   %
UHQGLPLHQWR3XHGH'LDQDQHJDUVHDFXPSOLUHVWDRUGHQ"

H -  


#H (
    19
MH A
 %
(#

 

 '




: @

$

 
  '
 $
"
 J F. 
% "
 
" F"

 A, 
 % 

6MH =>) '


2


 $
"
 J    
,
    F"

 A,?
=MH6HxDODTXpSULQFLSLRGHDSOLFDFLyQGHOGHUHFKRVHHVWiLQFXPSOLHQGR

  

 :
D 8Q5HDO'HFUHWRTXHVHYDDDSUREDUTXLHUHPRGLFDUORTXHHVWD

 

1 M) 


  

 #
) 


    

"
  
 (
F (QHOFRQWUDWRGHWUDEDMRGH,QpVJXUDTXHHOODYDDJDQDUPHQRVGH
 #


 "
 
"
G (QHOQLTXLWRGHXQWUDEDMDGRUFRPRQRVHVDEHVLLQFOXLURQRODV

2 #
 
  
  



#
 


@

MH J %   #



6 
#

.  "    #


 

   
  


 %  =>)
  #



 

? F 
"
  
&  
 '
MH 
  
 E   $ '

    '
"
 =
#) 6    
?
6MH , 

 

 
 (
   

: 
.


  
 
5  
.
"


4  )  

 

  
 

UHGXFFLyQGHVXHOGRHQ
=MH       &

%   .


 




 
  < 3 





     ' "

<
 "

3XHGHVDQFLRQDUODHPSUHVDD/XLV"
4MH J

 #

" ( #
 %  #
  

WLHQHVRVSHFKDVGHTXHVHSLHUGHPXFKRWLHPSR3DUDHOORLQVWDODYL
(
 
  
  #






FRQORVRUGHQDGRUHVGHODHPSUHVD3XHGHWRPDUHVWDVPHGLGDVOD


? =>) 



 
?




. 


?91A!9ADA=B9A! D/&/5B0/ %4%9/9A$


4MH $  (
 
 
1  
"




'H A    19

1 
 '



MH &
  

    10
9   *(

1  

 

 #


 

 "


1     G
  
"  % "



 
& '
 
1 
  +,+ 
 

 


" 


  % 
     


  

 

IMH &
 5%
 (
 2

(
1  % 
 

8 & #
%  
   
%
 #

 

  
 
(  '



)
' 
1  .

 %  . #



 


)
  #
 
  
%

1  
% 
 
   
"


  
.
%  
  

  

   
(
) #


 % 

1 J '
 #
%
 
     

MH    
& *( %(  9 
0
+


:H (
  

1 
 & 9;

@MH !
 (2   %(


  +(

   19

E 6HSURKLEtDHOWUDEDMRDPHQRUHVGHDxRV
1  %  (2  




  5 &

K
  

#H  

MH $  *(   
  9
D 4XHVHDXQWUDEDMRYROXQWDULR\DTXHQDGLHHVWiREOLJDGRDUPDU
 
%

1   

 % 
 .

1  F.
1  "
 
"
1   


-"

1    

3MH ;
    ;&
1  " 
 &

1 >

  %

 


 





1     #


&  



F 4XHHOWUDEDMRVHDSRUFXHQWDSURSLD\DTXHQRWHQGUiXQVXHOGRMR

F 6XIXQFLyQHVTXHODVQRUPDVGHORVSDtVHVGHOD8(VHSDUH]FDQXQ
 ( #
 

  
  )

6MH !
 (2   %(
 (
  (

UHODFLyQODERUDOH[FOXLGD

MH $   *(   






1 3 
'
( 
  A*B

D 'HEDQGHVHUUDWLFDGRVSRUQXHVWURSDtV

E  6HU FRQVHMHUR GH XQD 6/ R GH XQD 6$ FXDQGR QR UHDOL]D QLQJ~Q
%  


 

E 6HDSOLTXHQREOLJDWRULDPHQWHDWRGRVORVSDtVHVGHOPXQGR

1  '
1    
 

2 
=MH   %(
 +  (2  +
 %(
 %  

%(

1 G  

1 G 
1 G 

1 G 


1 *
 



1  ( '





 
    F"

 A,
MH ;
. 0
1 $
 

 ' 


E /RDSUXHEDODV&RUWHV*HQHUDOHVSDUDXQLFDUPXFKDVOH\HVHQXQD

F 6HDSUXHEDSRUHO*RELHUQRHQFDVRGHXUJHQWHQHFHVLGDG
MH &
 

    *(
1  
   
  


1      

  
   


%


 
 


3

3

?91A!9ADA=B9A! D/&/5B0/ %4%9/9A$


 (OSULQFLSLRGHFRQGLFLyQPiVEHQHFLRVDFRQVLV0
 
*(
D /RVFRQWUDWRVGHWUDEDMRSXHGHQSDFWDUFRQGLFLRQHVPiVEHQHFLR   % 

1   

 
 

 '

 TXHVRQPiVEHQHFLRVDV
1   




   #
  '

   
%
6MH ;
9 *(  
 
 (
 
0

  5 *(  *(   


1  
 
 
 




&H &   




3MH  %  2
  
D 6RODPHQWHFXDQGRVHWHQJDODVHJXULGDGGHTXHXQWUDEDMDGRUKD

6    
 





E 6RODPHQWHVREUHHOSURSLRWUDEDMDGRUSHURQXQFDHQVXWDTXLOODELH
 

  "

1    

  
     

  
 
 



( 


  
 
MH &
(
   %
   9 L
  9<

1  
 
 

 




D 6HSRGUiQSRQHUFiPDUDVHQORVOXJDUHVGHWUDEDMR\HQODV]RQDV


  "
 #)  "
"
 %

1  
 
 
/   
I

1  (   ( 



   

"


H  %
 

1 *
 

 ' 
"


#

   
(
"

=MH & (
    9
1  

 
     
1  
 "
 
"
1 



.
1   

 
"
4MH $  (
 
(   9

MH .   %


   

 (  

1 D   

 



 
  F


 & 9
1 $

 "
 
"

  % 

#
 ( 

" 

  #

 
 




1 
 


 
  )
  


F  6H UHYLVDUi VL H[LVWHQ LQGLFLRV HYLGHQWHV \ FODURV GH TXH VH HVWi

    
 

E $FXGLUDH[iPHQHVGHHVWXGLRVRFLDOHVSRUHOWLHPSRQHFHVDULR

1    


1 3          


   '
 ' "

 

6 
2

MH   ( 



   9
 

1 3 #



 

%
'
"    
 

  

1 $

(  #) ' 

 
"
 "
   "
   "
 
"

IMH &
   
  
(


E 6DQFLRQDUiDORVWUDEDMDGRUHVDXQTXHKD\DSDVDGRXQDxRGHVGH
TXHVHFRPHWLyODIDOWDQXQFDSUHVFULEHQODVIDOWDV

1 3

 '
 %   
 
 


1 F  
%   " 



   #

      
    
 
%  
1 3
  %    
  
 


FRQHOQGHTXHHOWUDEDMRVDOJDDGHODQWH

F 3RGUiVDQFLRQDUUHEDMDQGRHOVXHOGRRHOSHULRGRGHYDFDFLRQHVVLOD
'
 
   "

H  (
 

@MH  


  

MH ;
9 *( *( 

 (
 

     ( 
2 ( 
 (%

D 6LHPSUHKD\TXHFXPSOLUODV

D 6LHPSUHDO7ULEXQDO6XSHULRUGH-XVWLFLDGHVXFRPXQLGDGDXWyQRPD

E  6H FXPSOHQ FRPR QRUPD JHQHUDO VDOYR TXH HO WUDEDMDGRU SXHGD


#
 
 

   

& 

 %   '

   "  "     

1 3  3 
 *  
 #
 


 

F 6LQRHVWiGHDFXHUGRQRSRGUiUHFODPDUODVDQWHHO-X]JDGRHVVX
.   
 

 
  




F $O-X]JDGRGHOR6RFLDOVLVHWUDWDGHXQDGHPDQGDGHiPELWRSUR"  
( 

G $O7ULEXQDO6XSUHPRSDUDLQWHUSRQHUXQUHFXUVRGHFDVDFLyQ

?91A!9ADA=B9A! D/&/5B0/ %4%9/9A$




*A@*A 37A@3

' ?!J!'$:!' &)-.&"'.!' & ;" & !$1&.$&1


N& 9+ (   0O
 
    
 
GHVSHGLGRVFRQODH[FXVDGHXVDUORVSDUDQHVSHUVRQDOHV\HPSUHVDVSUHRFXSDGDVSRUODVWRQHODGDVGHWLHPSR
     
3#
  ' 
       



  /=



  %
'
  
-?
3XHGRFRQWURODUODVSiJLQDVZHETXHYLVLWDQPLVHPSOHDGRV"
C  


  

   

   "
  
"

 

#
( 

 
 
 
FRPRKHUUDPLHQWDGHWUDEDMRTXHHV6LQHPEDUJRVLHOWUDEDMDGRUQRWLHQHFRQRFLPLHQWRGHTXHODHPSUHVDORLQVSHFFLRQDFXDOTXLHUSUXHED
REWHQLGDFDUHFHUiGHYDOLGH]HQXQMXLFLRWDOFRPRHVWDEOHFLyXQDVHQWHQFLDGHO7ULEXQDO6XSUHPRGHOSDVDGRGHVHSWLHPEUH  
$TXHOIDOORREOLJyDXQDHPSUHVDJDOOHJDDUHDGPLWLUDXQHPSOHDGRTXHKDEtDHVWDGRYLVLWDQGRSiJLQDVSRUQRJUiFDVHQ,QWHUQHWSRUTXH

.  
  / 
"  "

 

  
 
 
 I 
 .   / 
.     I
3HURVLODHPSUHVDWLHQHSURWRFRORVREUHXVRGH,QWHUQHWWLHQHXQFKHTXHHQEODQFRSXHGHPLUDUORHQFXDOTXLHUPRPHQWRVLQQHFHVLGDG
GHTXHHVWpSUHVHQWHHOHPSOHDGRRORVUHSUHVHQWDQWHVVLQGLFDOHVH[SOLFD0DUF&DUUHUDGLUHFWRUGH6DJDUGR\$ERJDGRVHQ%DUFHORQD/R
( 

 
   
     

#
   "     

   #

 
 


 % #
   I 

'HORVSOHLWRVOOHJDGRVDO6XSUHPRHQWUH\VHJ~Q6DJDUGR\WUHFHGHVSLGRVIXHURQFRQVLGHUDGRVSURFHGHQWHVIUHQWHDVHLV






'

  

  #



(   "
6 ( 
  
   

 
  
%
 /  
 
 

 ' 
 
" 
'

#


I
2
F
   
 
 ) 
  
"
.


   

 C 

 
   


 

 

  



 '(  
 
)' ."
3HURSDUDHOUHVWRGHODVFRPSDxtDVODPD\RUtDHOSUREOHPDHVHOWLHPSR/DSUHRFXSDFLyQJHQHUDOODPiVH[WHQGLGDHVHOFRQWUROGHO
WLHPSRGHWUDEDMRKD\FDVRVGHDEXVRHQDOJXQDVFRPSDxtDVVHKDQSODQWHDGRHOLPLQDUHOFRUUHRHOHFWUyQLFRH[SOLFD6DOYDGRUGHO5H\
VRFLRGLUHFWRUGHOiUHDODERUDOGH&XDWUHFDVDV\FDWHGUiWLFRGH'HUHFKRGHO7UDEDMR\GHOD6HJXULGDG6RFLDO$YHFHVODHPSUHVDYHTXH
 %    
 %     ,

I 

(O&ROHFWLX5RQGDXQEXIHWHODERUDOLVWDTXHGHHQGHWUDEDMDGRUHVWDPELpQKDREVHUYDGRTXHHOQ~PHURGHGHVSLGRVSRUHVWHDVXQWRVH
    .
M
B !

  

   /
 

 #
 #

 

 
 
  #

2 

  

' 



"   
6.
45 
  &
% I

 
 
   
< F


 / 
 '
I: 
   
6  . 
( 

#

   
 
)8(17((O3DtV$0DUVKWWSHOSDLVFRPGLDULRFDWDOXQ\DBKWPO

:;&"1! $&"
D 3XHGHPLUDUHOMHIHHOXVRTXHKDFHQORVWUDEDMDGRUHVGHORVRUGHQDGRUHVGHODHPSUHVD"3RUTXp"
1 =>)  






?
F 3RUTXpVHREOLJyDODHPSUHVDJDOOHJDDUHDGPLWLUDXQHPSOHDGR"&RQTXpGHUHFKRFKRFyHOFRQWUROTXHKL]R"
1 =>)
  #


  G F
 #
 

?

1 =F(
  
.






?
'1 =>)  
  
 <


  

? =>) 
 F
 @ ?
1 =D 6   "
6
 
 


   
? =>) . 

 



?





?91A!9ADA=B9A! D/&/5B0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

&    !1 
 
 9 
+
 
 (

  ( N

 A, 0A6. ,

 %1  (
 " 
 

 % '

   0NNN 
1 3# "  % 

:
 F"
 E 8 

   % 
 '


(/&219(1,21'(/$2,762%5(('$'01,0$3$5$75$%$-$5
(OHVWDEOHFLPLHQWRGHXQDHGDGPtQLPDSDUDODDGPLVLyQDOHPSOHRHVXQDREOLJDFLyQEiVLFDGHORV(VWDGRV0LHPEURVTXHUDWLTXHQHO&RQYHQLRHQHO
#




 
 
:
 
  

( 
 '
  

 #

  .
 
     #
&  #
 
 
 
PHGLRVGHHGXFDFLyQHVWpQLQVXFLHQWHPHQWHGHVDUUROODGRVVHSRGUiHVSHFLFDULQLFLDOPHQWHXQDHGDGPtQLPDGHDGPLVLyQDOHPSOHRGHFDWRUFHDxRV
6HMDXQDHGDGPtQLPDPiVHOHYDGDGHGLHFLRFKRDxRVHQHOFDVRGHWRGRWLSRGHHPSOHRRWUDEDMRTXHSRUVXQDWXUDOH]DRODVFRQGLFLRQHVHQTXH
VHUHDOLFHSXHGDUHVXOWDUSHOLJURVRSDUDODVDOXGODVHJXULGDGRODPRUDOLGDGGHORVPHQRUHV6HGHMDTXHFDGDSDtVGHWHUPLQHFXiOHVVRQHVRVWLSRVGH


  %
    6



 
  % 
  

 .    
.  
 #






 #) %  

(VSRVLEOHMDUXQDHGDGPtQLPDLQIHULRUSDUDORVWUDEDMRVOLJHURVHVGHFLUSXHGHHVWDEOHFHUVHHQWUHFHDxRVODHGDGPtQLPDSDUDWUDEDMRVTXHQR
VHDQVXVFHSWLEOHVGHSHUMXGLFDUODVDOXGRHOGHVDUUROORGHORVQLxRVQLLQWHUHUDQFRQVXDVLVWHQFLDDODHVFXHOD(QHOFDVRGHXQSDtVTXHHVWDEOH]FD



 
 
& 
    % 
   
 
&
,1)250(62%5((/75$%$-2,1)$17,/
 <

& % 
  "
  
 5 
 . 

6HKDSURGXFLGRXQLQFUHPHQWRDODUPDQWHGHOWUDEDMRLQIDQWLOGH

 
 #

 4
PLOORQHV D  PLOORQHV HQ HO JUXSR GH QLxRV \ QLxDV HQWUH  \ 
&
 % ' < 
  
 . 


: 
  
 & % 
 
% 
  

   
.
 
  


 
      SRUFLHQWR 6yORXQRGHFDGDFLQFRQLxRVUHFLEHXQVDODULR8QD
QXHYDVHVWLPDFLRQHV  (QHOLQIRUPHDQWHULRU TXHFXEUtDHO    %   '  

.
SHUtRGR VHKDEtDUHJLVWUDGRXQDGLVPLQXFLyQGHOSRUFLHQWR

 #




5  4 &
 <

&
 % ' 6HKDSURGXFLGRXQLPSRUWDQWHSURJUHVRHQODUDWLFDFLyQGHODVQRU  
    
 
 <

&
 % 
 
 A, 
"  % '  
  F"
 8

    

0
 

 '
% '1  8 0

 QLPD 6LQHPEDUJRXQDWHUFHUDSDUWHGHORVQLxRVGHOPXQGRYLYHHQ
SDtVHVTXHQRKDQUDWLFDGRHVWRVFRQYHQLRV
6LELHQHOQ~PHURGHQLxRVHQWUDEDMRSHOLJURVRXQDYDULDEOHTXHDYHFHV   
"   &

5  4 &
 " 
. 
VHXWLOL]DSDUDUHIHULUVHDODVSHRUHVIRUPDVGHWUDEDMRLQIDQWLOHVWiGLVPL- UHJLRQHVGH$VLD\HO3DFtFR\$PpULFD/DWLQD\HO&DULEHKDQH[SH
    



.  %   "  5 
 ULPHQWDGRXQDGLVPLQXFLyQ3RUHOFRQWUDULRSDUDHOPLVPRJUXSRGH

&
 % 


 
 <

&
 " 
.
( 
 

6HKDUHJLVWUDGRXQDGLVPLQXFLyQGHOSRUFLHQWRHQHOQ~PHURGHQLxDV IULFD 6XEVDKDULDQD /D VLWXDFLyQ HV HVSHFLDOPHQWH SUHRFXSDQWH HQ

 % ' 
 4  


 <

&
 %
 
. 

   &

5  9 & %
SHOLJURVRORFXDOHVVXPDPHQWHSRVLWLYR6LQHPEDUJRHQORUHODWLYRDORV FRPSDUDGRFRQXQRGHFDGDRFKRHQ$VLD\HO3DFtFR\XQRGHFDGD
& 
     
 09  
1 
 )
 
6
 3)  
 F



 
 <
   <

&
 %

 



"




1 =F( 
 





   %?
1 =>) 





' 

 
 ?
1 =F(
 
   % 
? =C   % 
?
41 =>) "

 



  
 

 ?
51 =F( 

& %

  ? = #) 
%
   

  
 '
? =>) 
%
  

 

5  4 &? =C (   
 % 
?
;1 =D     
 %
&
 . 

&? =>)
( 

 ?
91 =>)    
 
5  9 &?
 (QTXpSDUWHGHOPXQGRHVWiVXELHQGRHOWUDEDMRLQIDQWLOHQWUH\DxRV"+D\SDtVHVTXHQRKDQUDWLFDGRORV&RQYHQLRV"
K1 ,     #
( 
    
.
 '
=F. 

 #

 


 '?



?  

A
 
>

: $1&$! "
1A
 
>
*:    

,!
 
> 

1XHYDVIRUPDVH[LEOHVGHRUJDQL]DFLyQGHOWUDEDMR

#>&1!? "
0
   

09  
       
 
0


7  
 
 A 
6HUFRQVFLHQWHVGHODVQXHYDVIRUPDVH[LEOHVGHFRQWUDWDFLyQQRODERUDO

?9*A!B D/ B9A D/&/5B




< & 
  9
  
        
      

<<     (




'H & 9
3DUDTXHHOWUDEDMDGRUSXHGDFHOHEUDUYiOLGDPHQWHXQFRQWUDWRGHEHFXPSOLUORVVLJXLHQWHVUHTXLVLWRVGH

    :
D     E

.&:;&.'

 9  (



9

 #
 #


  

 
#:
 !
 3HUVRQDO
 @
 
 $



 3%

 

6HU    @   
  @  %
 
6HFRQVLGHUDQTXH

( 



  #
 #
 
    
. %   

.
  

    4   ( 

    6.
  
  



#
 
  %  
  

 
  4   

 

 
%
2
 

(
< 

#


  6.
  
  
  
 3 .
  

#
 
% #
    '. '

D      E
3RGUiQFHOHEUDUXQFRQWUDWRGHQWURGHOWHUULWRULRHVSDxROORVFLXGDGDQRVGHOD ;

&( 
#



2%  

%
    H[WUDFRPXQLWDULRV

( 

 

%  

 #




 

( 

  
   % 

2

#H & 
$


      
 
6LHVH[WUDFRPXQLWDULR 
#
( 


3 . 


 


   
 +, 0

  "  .1  

9(, 0 
%
  
    
 .   
"1  )
 (
  
 0
%
   
"
 #

 

  
  %  
 
"

61

: 2 
 

 
 #

 
  

 

  
%:

6

1 J %"

; & #
"  %
  


 

 "


D 6tSHURUHTXLHUHSHUPLVRGHVXVSDGUHVRWXWRUHVOHJDOHV

1 $ %."


9 & #
    





E 6tSXHVVHWUDWDGHPHQRUHVGHDxRVHPDQFLSDGRV

1 J %
 < #


  &

F 6tSXHVVHWUDWDGHXQDFLXGDGDQDGHOD8(TXHQRQHFHVLWD


%

1 J %"

5 & #
"  
  
  
 

6 

1 * 

 

; &   



(
<




?9*A!B D/ B9A D/&/5B

<< &
  
  9
'H &
 (
  

 "
6
 
%



#

 "(   


 
:
 






 
 

 


 #


 
     
6
      
"  
&
 9
 


 
  0 
    

1
 ( 



 
  
"

   
 
.  
(

 

#

 

: 2 
,  #)


 

   


  

 :
D 8QFRQWUDWRGHWUDEDMRUPDGRSRUXQPD\RUGHHGDGEDMRODVDPHQD]DVGHXQIDPLOLDUSDUDUPDUOR
E 8QFRQWUDWRGHWUDEDMRDGRVFRPHUFLDOHVGHYHQWDGHWDEDFRTXHYLVLWDUiQHOLQWHULRUGHORVLQVWLWXWRVGH)3SDUDSHUVXDGLUDORVDOXPQRV
F 8QFRQWUDWRODERUDOFWLFLRGRQGHQRVHSUHVWDQLQJ~QVHUYLFLR\FX\RPRWLYRSULQFLSDOHVHOEODQTXHRGHGLQHUR
"(
:
(QHOSULPHURFDVRHOFRQVHQWLPLHQWRHVWiYLFLDGR\DTXHH[LVWHQDPHQD]DVHQHOVHJXQGRHOREMHWRGHOFRQWUDWRQRHVOtFLWRSXHVQRVHSXH
"

 
  

'. 

 

   
 
  
"  
  #
 


#H  +  

 
% 


     + 
  
$VtVHSHUPLWHTXHSXHGDQVHUGHSDODEUDORVFRQWUDWRVLQGHQLGRVRHOFRQWUDWRWHPSRUDOHYHQWXDOSRU

  . #

 '
  4 
  
 

$
  ' #

  
 SXHGHH[LJLU #

  
 

3DUDSURWHJHUDORVWUDEDMDGRUHVVLQRH[LVWHFRQWUDWRSRUHVFULWRKD\XQD(


#

 
YHUEDOHUDLQGHQLGR\DWLHPSRFRPSOHWRVDOYRSUXHEDHQFRQWUDULR

:H & 

  

(OFRQWHQLGRPtQLPRTXHGHEHJXUDUHQHOFRQWUDWRHVHOVLJXLHQWH
 (%   + 


6
 
 LGHQWLFDFLyQ
 

*

 

%  %, +

(% 


6(
 9
>
 
%
(
IHFKDGHFRPLHQ]R\QDOL]DFLyQHQVXFDVR
.(
:  

( 


$.
 
 
(
3OD]RGH  
 
 
:

  #




A 2(( (
:
  ( 0




1
@
6 

KRUDVH[WUDRUGLQDULDV  

 % 
 "

6

 
XQDYH]QDOLFHODUHODFLyQODERUDOKDVWDTXHQRWUDQVFXUUDXQWLHP* % 

SRGHWHUPLQDGR 

 
  
 
   
  '.


6   

 0
" #


 
"


 %   ' 1
A #
 
    

   "
 
"

CE;Q ";:&& "!<<<F


  QR JXUDQ
   %   
.   .

"


 
 


  #

 
 
 
< 


 

 "


"   #

#
   )  

 %   
.  
"


=

?9*A!B D/ B9A D/&/5B


#;":' &$
1; : $?&$!

7

 "




 
 




    
 '


=F( 

 #



   
<  .

)3"




H  (
 

 
% 

 
 LQGHQLGRVRELHQWHPSRUDOHV    #
"




   


  


6H(2 #

  
 LQGHQLGR\DWLHPSRFRPSOHWR " #



 
 

  

 :
F  '

  
6    

6


F   

   
 
 %(   "
6 #
    UDFLyQMDGDSDUDHOSHULRGRGHSUXHED
F  



+(     
    
 '

 
 


 '  

SHUVLJXHHVTXLYDUODOH\3RUHMHPSORXQWUDEDMDGRUTXHWLHQHXQDVHULHGHFRQWUDWRVWHPSRUDOHVVHJXLGRVSHURTXHUHDOPHQWHHVWDFXEULHQGRXQSXHVWRGHWUDEDMRMRHQODHPSUHVD

<< &   (


  
 

 #


 


 
 %   #
 
 0
(
  


  . $
 
 


  

 
 
.  

 



 

3DFWR

3DUDTXHH[LVWDSHULRGRGHSUXHEDpVWHGHEHVHU 
 
SRUORTXHGHEHJXUDU
DQWHVGHHPSH]DUDWUDEDMDU1RVHUHDOL]DHOSHULRGRGHSUXHED\GHVSXpVVHUPDHOFRQWUDWRVLQR
#

 
 

 
(

 
$  (   
 

 
 %        
  

  #
  
/DGXUDFLyQVXHOHYHQLUUHHMDGDHQHO

  
<
  '

 %  "  


 9

 
 % 
 
& #

(:
3DUDWpFQLFRVWLWXODGRVTXHSRVHDQXQWtWXORPHGLRRVXSHULRUXQPi[LPRGHPHVHV

$.

3DUDHOUHVWRGHWUDEDMDGRUHVHVGHPHVHVVDOYRHQHPSUHVDVGHPHQRVGHWUDEDMDGRUHVTXH


 


6LHOFRQWUDWRHV
2  .

 
   
  
 
 


  
  


 
#

 6  .
9  
  
 0
% (
  L  

 
 

 



 
  6 " #

    

 
 %  

   #
#
  % 
 

$



&XDOTXLHUDGHODVSDUWHVSXHGHGDUSRUQDOL]DGRHOFRQWUDWRGXUDQWHHOSHULRGRGHSUXHED

0
   
%  %(
<








 % 
    
% 
6 


 

L
 <

: 2 
A "  
6  %
  


 
 
"

    
""


 

#




#

 
 


5   #

 
(
    
 "
 = 
  .


?
"(
:
1RHVFRUUHFWDSXHVHOSHULRGRGHSUXHED\DYDLQFOXLGRGHQWURGHOFRQWUDWR3ULPHURVHUPDHOFRQWUDWR\VHSDFWDHQHOPLVPRTXHKDEUi
 
 

  " 

 
 

 
)
 

4

?9*A!B D/ B9A D/&/5B




< )  

 (( 2
   

 
 "


6 
  

:

B D/ B$
"BD:/ %4B$

#/D/!/"BD:/%J
#DK %/$

B D/ B$
A:#BD/!A$

B&D/B$AD4%%B
A4A ?/!
% AD%%9/9
#D%:ADA:#!AB5B4A

B D/ B$
/ %A:#B#/D%/!

/ %A:#B#/D%/!B:L
DA!A4B
"%5B$09%$B %?B$

B D/ B$
%9A"%%9B$

%9A"%%9BBD9%/D%B
%9A"%%9B9A/#B<B/A:#DA9A9BDA$

  

   

   

 3


 
 '    '%

  ,




   I  
 (
    



 
 
&:

&2175$726!$&!$! "
&RQWUDWRVLQGHQLGRVRUGLQDULRV
&RQWUDWRVLQGHQLGRVGHIRPHQWR
&2175$7261&)- .'&"
0   '"1
F
  
"
F
"


F

 
F


"
A  


&2175$726 .)'1!? "
F   '.
F
 (
727$/&2175$726),50$'26
6(*1/$-251$'$
F   
F  
 


3& 
<<4
K K;
8 59

 H
I43G
;4H
44H

3& 9
<<@6
K8K 58K
  9K5

 H
3G
5H
;;H

<<43

3G

4<6<I6

@@IG

5 5KK ;4
5 8K ;;4
 585 K;
K 9
; 4
<=4I
; 
5 545
6<6<

89KH
48H
K8H
H
8H
I4G
4H
5H
H

; 8; 48
9 ;9 8
 4K 99
4 ;8
48 48
3<66
K 49
8 9
@<4<@

;85H
4H
8H
8H
9KH
G
58H
44H
H

4 45 589
K K9K ;45

@=G
;K4H

4 55 9
4 9 ;

@G
9;;H

1RWDHOFRQWUDWRLQGHQLGRGHIRPHQWRKDGHVDSDUHFLGRFRQODUHIRUPDODERUDOGH
)XHQWH029,0,(172/$%25$/5(*,675$'2$f26<0/50,1,67(5,2'((03/(2<6(*85,'$'62&,$/

F 

  
 




. 

.   

   0
SRUDOHVDOUHGHGRUGHOGHORVFRQWUDWRVUPDGRV D #
  #
 . %  



 "  


UPDGRVDORODUJRGHODxRFRQORTXHQRKD\TXHFRQIXQGLUHOQ~PHURGHFRQWUDWRVTXHVHKDQUPDGRFRQHOQ~PHURGHWUDED0
MDGRUHVH[LVWHQWHV$VLPLVPRKD\WUDEDMDGRUHVLQGHQLGRVTXHUPDURQVXVFRQWUDWRVHQDxRVDQWHULRUHV\QRDSDUHFHQHQHVWDHVWDGtVWLFD

I

?9*A!B D/ B9A D/&/5B


#;":' &$
1; : $?&$!

7

 "



  )

%  
%


.


 
 &

.
   
'.




<< :
 +
!  "    
" 


    # 


'H :
   +
 
L9
(VDTXHOFRQWUDWRTXHWLHQHSRUREMHWLYRFXDOLFDUDXQWUDEDMDGRUHQXQUpJLPHQGRQGH
 

        


@
#

  
 4 = 6HSRGUiUPDUWDPELpQFRQMyYHQHVHQWUH\DxRVPLHQWUDVODWDVD

  
 '
  5H * ( 


   
  
$   (
 (
GH)3RXQLYHUVLWDULDQLFHUWLFDGRGHSURIHVLRQDOLGDGSDUDHVH
SXHVWRGHWUDEDMRTXHOHSHUPLWDUPDUXQFRQWUDWRHQSUiFWLFDVSRUGLVSRQHUGHWtWXORSURIHVLRQDO
$ (  9 





  

  (
 



$.

0tQLPDGHDxR\Pi[LPDGHDxRV6LHVLQIHULRUDDxRVSXHGHQKDEHUXQPi[LPRGH
.  #

 '

  ; 


(OFRQYHQLRSXHGHPRGLFDUODGXUDFLyQVLQVHULQIHULRUDPHVHVQLVXSHULRUDDxRV
 6   . (2
 %    ( 
     '.   
 

    "   
 ,   

 .
%  
   
 

6    
  
0
(
 (

 
$ ( 
  
  *  ( 
6 
2 " '
6   %
   

3HULRGRGH
'.

  


 95 H
 
 

  %
'
" 
 5 H  '. 0 1

 %(
  
 85H  % 
 5H  '.
:,
 '.:
(  +

  
 +      -  


F(
 

    
  
  
 
   
 6.    &11  ( 

    '.
( 

 
'"
C:(2
 GHEH UHDOL]DUVH OD IRUPDFLyQ" 6H SDFWDUi HQWUH OD HPSUHVD \ HO WUDEDMDGRU FXiQGR VH

6  '.  
  




  
 


)  
:  ( 
 

 

'.    2
6LQRSRVHHHOWtWXORGH(62ODIRUPDFLyQGHEHUiSHUPLWLUREWHQHUHVHWtWXOR/DIRUPDFLyQVHDFUHGL
WDUiSRUHO6HUYLFLR3~EOLFRGH(PSOHRFRQXQFHUWLFDGR

@
.

6HMDUiHQHOFRQYHQLR\
 (  
+  I=G ( @=G  "<)<!<
 '.
 %
HIHFWLYR3DUDHOHO60,HVGHDOPHV
 "<)<!< 
   
'
 #
   % 
 



  
  %  

%  



 %
  #




: 2 6
-XDQ5DPtUH]GHDxRVKDWHUPLQDGROD(62\TXLHUHHPSH]DUDWUDEDMDU&RPRQRGLVSRQHGHQLQJ~QWtWXORSURIHVLRQDOKDSHQVDGR
DFXGLUDXQDFDUSLQWHUtDGHOEDUULRSDUDDSUHQGHUHORFLRHLUJDQDQGRXQGLQHUR$ODHPSUHVDOHLQWHUHVDWHQHUXQQXHYRDSUHQGL]DVtTXH
       '. =F(
  . 
   ( (? "(
:
6XFRQWUDWRGXUDUiDxRPtQLPR\VXVXHOGRVHUiFRPRPtQLPRXQGHO60, VREUHSDUDVHUtDQ 

@

?9*A!B D/ B9A D/&/5B




#H :
 
2
 
           

 GHXQDWLWXODFLyQGH)3RXQLYHUVLWDULDRELHQGHXQFHUWLFDGRGHSURIH
$% 
/D)3SDUDHOHPSOHRKDFHUHIHUHQFLDDODDQWHULRUIRUPDFLyQRFXSDFLRQDOTXHVHRIUHFtDDORVGHVHP
     '.   % 

 "

@
#

$.

#;":' &$
1; : $?&$!

7

 "



  
%  
%


.
  
&
.
 

 (

3RVHHUXQ,(  -  (
RFHUWLFDGRGHSURIHVLRQDOLGDG
@
6
 
  =  %(


 
 
3 
   9 
 
    
2(
 

5 &


 
J 
4    (2
 
6LHVLQIHULRUDDxRVSXHGHQKDEHUXQPi[LPRGH  %
 
; 

  6  . (2
 .
%  
   
   
 

6   
(

 (

&   (     


  
       


@
.

  
 "
   
*( (  
+
 
 &  ;H
 

% 
  
 
 
  &  95H
 

 (
9
 
%


: 2 =

 "  
6  
6  (
F 0 .
 F

%1

 
  
  '"
 
PHGLRGH*HVWLyQ$GPLQLVWUDWLYDSRUORTXHOHSLGHDODHPSUHVDTXHOHUPHXQFRQWUDWRHQSUiFWLFDVGHPHVHV3XHGHVROLFLWDUOR(VWKHU"
"(
1RSRUTXHODVSUiFWLFDVGXUDQWHOD)&7IRUPDQSDUWHGHODHQVHxDQ]D\D~QQRWLHQHHOWtWXORGH)3WHUPLQDGR

<< :
 
'H  
@
6     
  .

  
 
  

A%




6HXWLOL]DSDUDUHDOL]DUREUDV\VHUYLFLRVFRQDXWRQRPtDGHQWURGHODDFWLYLGDGQRUPDOGHODHPSUHVD\TXH
(
+
 
GHRWUDVDFWLYLGDGHVSDUDGHWHUPLQDUFXDQGRFRPHQ]y\QDOL]y

$.

  






FXiQGRQDOLFHODREUDRVHUYLFLR 
 

&  . 
  


6HHVWDEOHFHXQPi[LPRGHDxRVHOFXDOHVDPSOLDEOHDPHVHVPiVSRUFRQYHQLR6LQDOL]DOD
GXUDFLyQPi[LPD\FRQWLQ~DWUDEDMDQGRDGTXLHUHODFRQGLFLyQGHMR
3 
  .
  
   .
 (  (





( 0
 = ,DQWHVGHVXQDOL]DFLyQ

,
6.

3DUDHO DOQDOL]DUFDGDFRQWUDWRGHREUDHOHPSUHVDULRSDJDUiXQDLQGHPQL]DFLyQGH ,


     9RVXSDUWHSURSRUFLRQDO3DUDHO  6 

(   ,
 & %    

 

 

 
%
 
6.

3

?9*A!B D/ B9A D/&/5B




#H &
(  (

   (

A%


D
 '

 


%


  ((
  H[FHVRGH
  (

  

* 


 
  ; 


  
 
 

 " #
 

  , 
$.


6.

  
(
  @ 

6HSRGUiUHDOL]DU(
   %GHOFRQWUDWRHYHQWXDOODFXDOOOHJDUiKDVWDODQDOL]DFLyQGH
 . (2




    

L
#

 
  
"

:H !


A%


"((   %  #



   (  9  

%
 
   
   
.
% 
    
 
 6
 



.
 "

$.


6.

- ((
 #
 

  %   


 #
)




"   
  
#

 %     



 
  




     

3RU 
 
: 
 



 



.   Pi[LPR GH 
 "
  
 <

 

 
LQGHPQL]DFLyQSRUQDOL]DFLyQGHFRQWUDWR

H -  9

A%


$.


6.

$GTXLULUXQDSULPHUDH[SHULHQFLDSURIHVLRQDO
 9 
 
   


  #
QRWHQJDQH[SHULHQFLDSURIHVLRQDO   
+   
  . 
( PtQLPRGHPHVHV\XQPi[LPRGHPHVHV " #

 


 

  

( '


6  
 #

( 
Pi[LPRGHPHVHV



  

L
#

 
  
"
#;":' &$
1; : $?&$!

F

 "



  

:
 .
 
"
  
   



 
 
8 


6L VH DPSOLD OD GXUDFLyQ GHO

 
 




 %"

6LLQGLFDODVDFWLYLGDGHVFRQ
   #




 

6L OD LQGHPQL]DFLyQ HV VXSH
  
 

ORVHYHQWXDOHVDODMDGDSRUOD

 
 & 

&H &


  
 
F   %  
6  


  
 
   


(  
  .  
    9
 

 


 #
 #

 FRQGLFLyQGHMRHQODHPSUHVD   


3RUHOORODQRUPDWLYDLQGLFDTXHDGTXLULUiQODFRQGLFLyQGHWUDEDMDGRUHVMRVDTXHOORVWUDEDMDGRUHVTXH
     
  
     

 


'
   (
 6  
(
    
   


 


  
  ")

$ (

 

   

"  '"  <


-'.  
"    



.

J "
6    4 


  

   (
2 HQGtDVODFRQGLFLyQGHMR
 9 5
( (  " -7  & SDUDTXHpVWHOHFHUWLTXH
ORVFRQWUDWRVWHPSRUDOHVUHDOL]DGRV\DVtSRGHUDFUHGLWDUODFRQGLFLyQGHMRHQODHPSUHVD
(VWDQRUPDVHKDEtDVXVSHQGLGRKDVWDQDOHVGHSHURKDHQWUDGRHQYLJRUGHQXHYRHQ



?9*A!B D/ B9A D/&/5B




: 2 4
,  #)  

6
   
 

    #) ":
1 J

  
   
   

   
 '

"
       



'

  
 
  


%  
1 J 

 

   G #
"  
6

  
 
; 
   )  
%  #
 '   


 
 " 
  
 
 
1 $
 &
*"    
'
 "    

 
 (  

  <
1 F
 @
6 "  
    6'
  
      


1    

 &    %   


  "   

  




    

 
6  
 #

6  % 
   #
    
 

 

    
"(

1 "
 
2


 
1 ,
    .  
    .  % 
1 "
  
 
  0&
*"  1
1 A  
"  
6  
" 

6'
  
 
 
H 3ULPHUHPSOHRMRYHQSXHVHVPHQRUGHDxRV\QRWLHQHPHVHVGHH[SHULHQFLDODERUDO

<< :
   
'H :
    7

  

  
&"  "  '
  
    
   
  < SXHGHVHULQGHQLGRRWHPSRUDO  #
 #


 


 #
 %      


 
 #
 
 
   #



HVWDUMRHQODHPSUHVDRWHPSRUDOSHURDWLHPSRSDUFLDO
1  
 

 
 DWLHPSRSDUFLDOH[FHSWR
   
'. #



  
 

F  
' 


   
  


 
6  KRUDV H[0

   
 

#
 
    0 

2  

1 
6  
 %   

  %   
 

 Q~PHURGHKRUDVH[WUDRUGLQDULDV#



6  %   
  
(    %  3    %   
 
  8   &   

%    
  4 
2  &

F






$

   

   

) 

'

6yORODVSXHGHQSDFWDUORVWUDEDMDGRUHVLQGHQLGRV   


   
( 

  =G   9
   " #

 "
 

 
%
  (2
 ;H
6H2  %    
.
I , " #

 "


6  
:(2
  L
VHJ~QHOSDFWRTXHVHHVWDEOH]FDHQHOFRQWUDWR\ORTXHJXUHHQHOFRQYHQLR
" %
    0
1  6   
  
3   &
 
 9 2 
(
  
6 
"   5  
 
  "
    '
 

 
 '"      
 
 
 
"
 %   
6
 2 

  


    



?9*A!B D/ B9A D/&/5B




&DVRSUiFWLFR
-XDQ,JQDFLRKDVLGRFRQWUDWDGRLQGHQLGRDWLHPSRSDUFLDOSRUKRUDVDODVHPDQDKRUDVGHOXQHVDYLHUQHVVLHQGRHOGHODMRUQDGD
(QHOFRQWUDWRUPyUHDOL]DUODVKRUDVFRPSOHPHQWDULDV\ODVH[WUDRUGLQDULDVTXHUHTXLHUDODHPSUHVDD 3XHGHODHPSUHVDREOLJDUOHD
DFXGLUXQViEDGRGHDK"E &XiQWDVKRUDVH[WUDRUGLQDULDVSRGUtDUHDOL]DUDORODUJRGHODxR""(
:
D 6tSXHVHVLQGHQLGR\ODVKRUDVKDQVLGRSDFWDGDVHQHOFRQWUDWR(OKRUDULRTXHVHDPSOtD KRUDV QRVXSHUDHOPi[LPRGHOGH
ODVKRUDVDODVHPDQD GHKRUDVVRQKRUDV 
E -XDQ,JQDFLRSRGUiUHDOL]DUXQPi[LPRGHOGHKRUDVH[WUDVDQXDOHVHVGHFLUKRUDVDODxR

#H :
    9(


A%


&RQWUDWDUDXQWUDEDMDGRUSDUD GDUOHHOUHOHYRDRWURTXHVHYDDMXELODUDWLHPSRSDUFLDO
  
  %  #
)

%

6
R
GRVFDPELRV:  FRQWUDWRGHMXELODFLyQSDUFLDOPiVXQFRQWUDWRGHUHOHYR
3RUXQODGRXQ

9    TXHSXHGHDFFHGHUDODSHQVLyQGHMXELODFLyQ

FRQYLHUWHHQXQFRQWUDWRDWLHPSRSDUFLDO\SDVDDFREUDUXQDMXELODFLyQDWLHPSRSDUFLDOSRUODMRU  
  R    

9(
 
% 



 
Q

 
 ; &
 



( 9     


    % 
3RURWURODGRVHFRQWUDWDDXQ

#



 %  #

% #

  
  %  

&RQHVWHWUDEDMDGRUVHUPDXQ
  

M  
GXUDFLyQ

 %  #

% UHGXFHVXMRUQDGD
 (
=G (
=G    ) 

UHGXFHHQODPLVPDSURSRUFLyQ6LHOFRQWUDWRGHUHOHYRHVLQGHQLGR\DWLHPSRFRPSOHWRODUHGXFFLyQ

 %  #

% 



 HO
 (
 

  #

 %  

"  VHMXELOHWRWDOPHQWH R
 


" IXHVHLQGHQLGR 
 ( #



 
 GRVDxRVGHVSXpV
#

HOWUDEDMDGRUUHOHYDGRVHMXELODVHWRWDOPHQWH3XHGHRFXSDUHOPLVPRSXHVWRGHOTXHVHMXELODRQR
6HJ~QODUHIRUPDGHPDU]RGHOD     9(
 ( 

( 

' 
": GHVGHORVDxRVHQ FRQDxRVFRWL]DGRV DORVDxRV
0  6 1

 DxR  
   

 ORVDxRV 0 


 ;
&  
 6 1

,QGHPQL]DFLyQ

$ODQDOL]DFLyQGHOFRQWUDWRGHUHOHYRHOWUDEDMDGRUSHUFLEHXQDLQGHPQL]DFLyQFRPRVLIXHVHXQ

    
(O GtDVSDUDGtDVSDUDVDOYRPHMRUDGHOFRQYHQLR 
R
 


" VHFRQYLHUWHHQLQGHQLGRODHPSUHVDQRSDJDHVWDLQGHPQL]DFLyQ\
DGHPiVUHFLEHXQDERQLFDFLyQDODFXRWDGHODVHJXULGDGVRFLDO

#;":' &$
1; : $?&$!

7
  "
 
)


  

    
DXPHQWD HO  GH KRUDV



7  
 



" 



 GHPQL]DFLyQGHPD\RUFXDQ   
  




& &RQWUDWRMRGLVFRQWLQXRHQIHFKDVQRFLHUWDV
! 
      
  
 # & ' "
 
IHFKDFLHUWDGHYROYHUDOWUDEDMR(OWUDEDMDGRUVHHQFXHQWUDMRHQODHPSUHVD
   PX\SDUHFLGRDOLQGHQLGRDWLHPSRSDUFLDO<  )
< 

6  " 

 
    
 &  
 & 

 
"
"
 % 
 # VtVH
VDEHODIHFKDFRQFUHWDGHYXHOWD 0
%
  
 #

      &


 
  



 
#
 '

""
  %

 
1
R 
GHVFRQRFLHVHODIHFKDH[DFWDGHYROYHUDOWUDEDMR 
  FRQWUDWRMRGLVFRQWLQXR

 '
  
 
%
  WUDEDMRVDJUtFRODVGHWHPSRUDGD #
 

 '


2
""
  %  & 




2
 REOLJDFLyQGHOODPDPLHQWR 



   

   "      '

  



#
  

 

?9*A!B D/ B9A D/&/5B




&RQWUDWRLQGHQLGR
$ &RQWUDWRLQGHQLGRRUGLQDULR
(VHOFRQWUDWRLQGHQLGRTXHSXHGHUHDOL]DU(*(  
(*(   9
  
 
   
 

% &RQWUDWRLQGHQLGRGHDSR\RDHPSUHQGHGRUHV
(VXQQXHYRFRQWUDWRLQGHQLGRGHOD +   #



'  .



% 
  
  "


  
  = 9<

F


%RQLFDFLRQHVH
LQFHQWLYRVVFDOHV
 



 % 


 
(   
   ( 2   


 
 ( ERQLFDFLRQHV

" VFDOHV  
6


%RQLFDFLRQHVHQODFXRWDGHVHJXULGDGVRFLDOTXHSDJDODHPSUHVD
> 
 
 4  DODxRHOSULPHUDxRHOVHJXQGRDxR\HOWHUFHU
DxR6LVHFRQWUDWDQPXMHUHVHQVHFWRUHVHQORVTXHHVWiQPHQRVUHSUHVHQWDGDVVHDXPHQWDHQ
 

  

)   6=  
   
  
 @  
DO
DxRGXUDQWHDxRV6LVRQPXMHUHVHQVHFWRUHVGRQGHHVWiQPHQRVUHSUHVHQWDGDVVHDXPHQWDKDVWD
DODxR
,QFHQWLYRVVFDOHV HQODGHFODUDFLyQGH+DFLHQGDGHODHPSUHVD 
6LHVHO

 
 #

6 

 
   
    

 
(
XQDGHGXFFLyQVFDOGH <R
 
.
D
 

   #
  
  
(

3 



 


PHVHVUHFLELUiXQDGHGXFFLyQVFDOGHO=G   

 #


 %   
  (
  (2
 


 %
        (
)

 
   %   
   $
 

(
""
   
$  L 
  %
" 


 
  
"
  < ; 



  

  #
"  
6




& 2WUDVFRQWUDWDFLRQHVLQGHQLGDVERQLFDGDV
7UDQVIRUPDFLyQHQLQGHQLGRVGHFRQWUDWRVWHPSRUDOHV
$

   +
DODxRHQKRPEUHV\HQPXMHUHV
$

 
2    ((
 
 %. 
6  
HPSUHVDVGHPHQRVWUDEDMDGRUHVHQKRPEUHV\HQPXMHUHV

7     

F LQGHQLGRDODxR6LHVDODxR

    
F LQGHQLGRVHQWUH\DODxRODFXDOYDUtDHQIXQFLyQGHODVVLJXLHQWHVFD
:  

   
 ;5H   
 
 %
 
  


45 &  WUDQVIRUPDFLyQGHWHPSRUDOHVHQLQGHQLGRV ) 
(  
 
6LHVOUHFLELUiXQDFDQWLGDGDOJRPHQRUHQWUH\DODxR

C  
   

DODxR

   DODxRHQLQGHQLGRV\DODxRHQWHPSRUDOHV

C"'#D'" E;&<<<F

2


  
:
 & 
&  
 
-

"
  .

   


  
 

 
   % 

 



?9*A!B D/ B9A D/&/5B




<    9 


!       
   
      
%"  
    
(("   

WUDEDMDGRU'HVGHWDPELpQSXHGHQDFWXDUFRPR$JHQFLD3ULYDGDGH&RORFDFLyQ

 )*+, # "    


 #    
C"'#D'" E;&<<<F


 &   .

  
6  
 '
 
 

   :
  
 
  

9;; 
  ; 
89 
9   
; 
  ; 


 
; 

   &

D A 0




6HUPDXQFRQWUDWRPHUFDQWLOHQWUHODVGRVHPSUHVDVOODPDGR
  (  


    


% 
  

   ) 
     
6RORSXHGHQFHGHUVHWUDEDMDGRUHV 
 
  

    '.
6HSHUPLWHHQDFWLYLGDGHVSHOLJURVDVH[FHSWR  
2
  
 

 . 


 

  .2   
 .  
( " 
 

 "



   '
6 
D A 0
> 

6HUPDXQ
  9 

 
  


%    %(  ,   

0
L
SRUQDOL]DFLyQGHOFRQWUDWR6LQRHVUHVSRQVDEOHVXEVLGLDULDOD(8
 

 '.
   

 %  


6
 % 
6
 

 )  

 
#

.  "   % 
 %  



     
 #
 % 


 

<  "
 3
( (
 
%


2 
    

"

  '
"  '  

 
/D(77DERQDUiDODQDOL]DFLyQXQD

L
  ,   % 
 % 
 %
   
D 

0
> 



  

 '


 

 %   
#


 #

 %   
   '

     #
)  



 


+   % 
 

 %  
   
 

"
.
 %  

(  



   ( 

  #
  %    (   


 % 






: 2 @
3 M  "    ")
   ) 

 #  
 


. "  

"
 
FLUFXQVWDQFLDVGHOPHUFDGR\DTXHKD\PiVWUDEDMRHQYHUDQRHQXQDHPSUHVDGHIDUWRQVHQ$OERUD\D6HGHGLFDDFRQWURODUODSUHVHQFLD
GHSURGXFWRVWy[LFRVSDUDODUHSURGXFFLyQHQODIiEULFD(QOD(77OHGLFHQTXHODHPSUHVDGRQGHYDDWUDEDMDUHVODTXHOHYDDSDJDUDOQDO

  
  #
(   #
 % 



  
  "  '
"
    
 
GHWUDEDMRGHEHUiDFXGLUSRUODVWDUGHVDXQFXUVRGHSUHYHQFLyQGHULHVJRVHQOD(77$OQDOL]DUORVGRVPHVHVOD(77OHGDODVJUDFLDV\


#
 "
6  "
"  
6HxDODVLH[LVWHDOJXQDLUUHJXODULGDGSRUSDUWHGHOD(77"(
:
6HGHWHFWDQODVVLJXLHQWHV/D(77QRSXHGHFRQWUDWDUDQDGLHSDUDFRQWURODUSURGXFWRVWy[LFRVSDUDODUHSURGXFFLyQ/DHPSUHVDTXHSDJD

   3
(
  



  % 

(   "
  '   

"
.
GHEHVHUDQWHVGHFRPHQ]DUDWUDEDMDU$OQDOL]DUGHEHUiFREUDUXQDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRUHQHVWHFDVRGtDVGH
    

 % 

6

?9*A!B D/ B9A D/&/5B




1XHYDVIRUPDVH[LEOHVGH
%
L
 9
6<< & (
 

 


  
    
 
  
   

   


 
 GH pVWD OLPLWiQGRVH OD DXWRQRPtD
  
&RQHOUHFRQRFLPLHQWRGHHVWDJXUDGHVGHHODxRVHKDSUHWHQGLGRGDUOHIRUPDOHJDOD (
 0
(
*(   (
: 

 
   % 
  

 . #
 
   
(
 
 #
%(
 


        

 
.




F 
( 
 


 . #

2 
 2
 %(
 0
  (
 



 #
*( 2 % '







 .
.



 

  

VHUPDUiXQFRQWUDWR RQGHJXUDUiQ
 

  : "  #
"  
6
 . 
.
 

 '
"

. 
 "  0"
1  
 6

"   
QDOL]DGRHOFRQWUDWR\ODLQGHPQL]DFLyQSRUQDOL]DFLyQGHOPLVPR

>
 

" 
 

 
  
 (
I=G  ( 
% 

$ 
 
   % 

$ 

 (
  


 " 
$ 9  '
. %


 
  

@
#

$ 9  " 


'  '

   L 
 9 
 


$  (  HVWDEOHFLPLHQWRVXRFLQDV  7


$


+((    
6  "   
%

  

6"   
%
  
 )
 


F
 
 %
 " 

C"'#D'" E;&<<<F

:, 
 
  
 E

 . ( 


( 
    "   #




2
  
 " #

"#
 
% 
 

 


  



 

 
'

   
   
    
 '
6  
"

6HHVWDEOHFHXQD LQWHUUXSFLyQDQXDOGHODDFWLYLGDG YDFDFLRQHV #


 
( 
  @
, 2      
 
  +
 H[WLQFLyQGHOFRQWUDWR 
 


:
3RU

(
 %  
< F#

  
 


  GHPQL]DFLyQTXHJXUHHQHOFRQWUDWR
6LQRH[LVWHFDXVDMXVWD


 

(   
6.  .
GHSHQGLHQWHSHURVLHVpVWHHOTXHTXLHUHH[WLQJXLUODUHODFLyQVLQFDXVDMXVWDVRORSDJDUiODLQGHP6.
 
"
 
% 


 

/D HPSUHVD %LPER 6$ KD


UPDGR XQ $FXHUGR GH ,QWHUpV 3URIHVLRQDO HQ HO DxR
K   % 

.

 

 
 

  
7   
  



 
.

 " 
 
 0
%   8 1
   
6.
SRUH[WLQFLyQLQMXVWLFDGDGHO

45   &

=

?9*A!B D/ B9A D/&/5B


C"'#D'" E;&<<<F

J 
"
 6" #



 



  
N15  A
 O

 "
 



4 (
:




6<< & 9  


  9
'H & 9  

   # 
 
            "#   

F

   :

S +
 2:
'   #
 % 
 
 
 
 #


  


'

6HUHDOL]DUiXQ
   

S  (

:
'   '

 .   #


6  
"





$

( 
 
+   


 

 



S  9
H[LEOHV: '   #
 % 
 


#


 '.


 
S  9 *( 

   

#
 
 #
  

 
6 


"

 % 
   

    #
 % 
 


  
#
(     (
#
#

3RGUiQDFFHGHUDORV(  +








 
%

  

   9    
(  
  

% 
%

  '

( 
    "
   

 % 


#H & 9
 - 

  
 
    
 
  
 

  

.(/
 

%  
    
 
:
F 
    
  

F   
  (

6HJ~QODVQRWDVWpFQLFDVGHO,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMRHOWHOHWUDEDMRVH

6 :
# 
    

E
F

 
 ( 
  % 

  #
 


  
 % 


 
     &  '
 )   
)   .


    

   
%
*



2 
 

  "  

  
6HUHDOLFHQ9  
  #

 %

' '


  
#
  

 '


   

!

7  
> 
E
6HUXQDSHUVRQDH[LEOHLQGHSHQGLHQWH\(

F6
% 
(
  6.  (
 %
 
$

 ( 

 ' "   "   '



  6


 

%
 ' 

!>   
>  E
?
9H[LELOLGDGKRUDULDUHGXFFLyQGHFRVWHVGHGHVSOD]DPLHQWRHOHFFLyQGHOHQWRUQRGHWUDEDMRHQFDVDGLVPLQXFLyQGHODEVHQWLVPR\PHQRUHVFRVWHVGHRFLQDV\GHVSDFKRVDVtFRPRUHGXF.


    
 

!



DLVODPLHQWRIDOWDGHDSR\RODERUDODQWHGXGDV\FRQVXOWDVGLFXOWDGSDUDVHSDUDU

 %
 ' 



2.  



 
%  

   


 %
 

4




: 2  


'H -  (
MH 3 "  
    


#

"
   " 

 

#



 

TXHYLHQHHOOXQHV\DQDOHVGHVHPDQDLUiDOJHVWRUDSRUHOFRQWUDWR
SDUDTXHORUPH(QWUHHOORVKDEODQGHTXHHOSHULRGRGHSUXHEDVH<
 "


 
  #




  "  
PHQRVSRUHVWDUGHSUXHEDSHURTXHDOVHJXQGRPHV\DFREUDUi

1 = 
  .


 

   



 
 

?
E 3XHGH$PSDURJDQDUPHQRVGXUDQWHHOSULPHUPHVSRUHVWDUGH
SUXHED"3RUTXp"

?9*A!B D/ B9A D/&/5B0/ %4%9/9A$


:H :
 
6MH J 
 #
"     
"

(  #


   
" #    .
  


)3GHFDUDFWHUL]DFLyQPHGLDQWHXQFRQWUDWRWHPSRUDOSRUHOWLHPSR
#
  

6
 

1 =>)  



6   #)?
1 =F( 
(  .


?
F 6LODREUDHVWXYLHVHHQFDUWHOHUDPHVHVGXUDQWHHODxRFREUDUtDDOJXQDLQGHPQL]DFLyQDOQDOL]DUHVWHFRQWUDWR"4XpFDQWLGDG

 
 
<  
?
=MH  

 
#

   %     

 


.

 &   






 
 


D 4XpFRQWUDWRVHSXHGHUHDOL]DU"3RUTXp"

F 6LODHPSUHVDGHFLGHQRFRQWLQXDUFRQHOFRQWUDWRGXUDQWHHOSHULRGR


 =


"   
? =>) "


DOHJDU"&REUDUiDOJXQDFDQWLGDG$PSDURFXDQGRQDOLFH"

E 6HHQFXHQWUDGHQWURGHODGXUDFLyQPi[LPD"3XHGHWHQHUDOJXQD
.

? =$
( 
  . 
<  
?

#H -20

1 =


 
6. (  

? =$
#)
  
<  
?

MH 3DFRWLHQHDxRV\QLQJ~QWLSRGHWLWXODFLyQ8QDHPSUHVDIDPL #




 '
 2

  $

 

 %  "  
6  
'.
  
 

  
"

.  

 
   




(

 
  %  
 G 

 &
  
3 .  6 #
. 
 




  #

   "  %  


 

  
 
 
  

<  
 

FRQYHQLR 1RWDHO60,SDUDHV 
D 4XpFRQWUDWRVVHSXHGHQFHOHEUDUFRQ3DFR\0DUtD"5D]RQDTXp

# 


  .
   
1 =F(
  . (2  

  

<  
?

4MH J 


    
 
; 
PDQDVSDUDVXVWLWXLUDXQDHPEDUD]DGDTXHKDGDGRDOX]3DVDGDV
ODVVHPDQDVODWUDEDMDGRUDTXHQDOL]DODPDWHUQLGDG GHFLGHQR
""
  %   



  
  
 #

%    #
  
 
 
1 =



  
  
  

?
E 7LHQHDOJXQDLQGHPQL]DFLyQFXDQGRQDOLFHVXFRQWUDWR"
IMH J %  
"  


 

  



.  

 
  '
 

4 


 
 
"

; 


 


  


 
 <   
; 

  %  


VLHQHOIRQGRQRVHUiXQWUDEDMDGRULQGHQLGRGHODHPSUHVDSXHVOR
< #



6    

F 6LODMRUQDGDGH3DFRVRQKRUDVDODVHPDQDFXiQWRGHEHGXUDU
  
  '. 

 
 
   

 &?
=F( 
(  
 
 
 
   

 & 
<  
?

D 3RGUtDUHFODPDUHOWUDEDMDGRUVXFRQGLFLyQGHMR"3RUTXp"

G 6LVHJ~QHOFRQYHQLRHOVXHOGRGHODFDWHJRUtDSURIHVLRQDOGH0DUtD
HVGHFXiQWRJDQDUtDFRPRPtQLPRHOSULPHU\VHJXQGRDxR
GHVXFRQWUDWR")tMDWHTXHWLHQHHOOtPLWHGHO60,

H :
   

H 6L0DUtDSRVWHULRUPHQWHHVWiGHEDMDPHVHVTXpVXFHGHUiFRQ
 ?
MH J % 
; & #
"
 
  


DUWHV JUiFDV KDFH  DxRV YD D VHU FRQWUDWDGR HQ XQD LPSUHQWD HQ
SUiFWLFDVGXUDQWHPHVHVFRQODFDWHJRUtDGHRFLDOGH
1 =F
 
#  
  
 (?
E /DGXUDFLyQHVODFRUUHFWD"6HSXHGHQKDFHUPiVSUyUURJDV"
1 =>) . 


 
 

  
 

(?
G 6LHOVDODULRGHFRQYHQLRHVGHFXiQWRJDQDUtDHVHDxR"

1 =F.   

 % ?

@MH $
 
 %
  
 
 

 
XQFRQWUDWRLQGHQLGRDWLHPSRSDUFLDO\HORWURFRQXQFRQWUDWRWHPSR
"
 )  
   % 

4   


  "

 

 
 

6  

WDULDVHOQGHVHPDQD(QHOFRQWUDWRQRH[LVWHQLQJ~QSDFWRGHKRUDV



1 = 
   
6   


1 C 
"

  =
    ?
1 =F(  

 
 

 
6 
<
 %    
?
1 =F (   #

"   



6.?

I

?9*A!B D/ B9A D/&/5B0/ %4%9/9A$


3MH /DVHxRUD3D]VHMXELODUiGHQWURGHDxRVSRUORTXHGHFLGHUHGX  % 
  4 H  

   %.  


(  
& B
  

D 4XpFRQWUDWRVVHUHDOL]DUiQDODVHxRUD3D]\DOVHxRU*XHUUD"
1 =>) %    
6(
 
" 


"?
1 =F( 
 (

? ,    
 
SDUDWHPSRUDOFRPRSDUDLQGHQLGR
G 7LHQHDOJXQDLQGHPQL]DFLyQDOQDOL]DUHOFRQWUDWRVLIXHVHHQHO
& 4? =F(
 
?
H 4XpVXFHGHUiVLDOWUDEDMDGRUUHOHYLVWDORKDFHQMRDOWHUPLQDUHO



"?
'1 F  
'
6
 = #)
  %  

%
 
 
  &   9? =F( &

6. 

?
MH ,  (
  

 % 
 

 
MRGLVFRQWLQXR\FXiOLQGHQLGRDWLHPSRSDUFLDO
1 7) 

  

  %    & ( 




 


1 *
    & %


  





%  

( &RQWUDWRLQGHQLGR
MH J % 
5 & "  
  
' 
QLGDFRQHOQXHYRFRQWUDWRLQGHQLGRGHDSR\RDHPSUHQGHGRUHV/D


 
 #

 
 

 

 

 
WHQHU)3GHJUDGRVXSHULRUVLQRGHXQDxRHQWHUR\TXHODMRUQDGDTXH
"  
6 "  
  
 
 95H
 % 
1 =

6. 


 
 
 

? = %  


  
 
 95H?
E 6LHOVHFWRUGRQGHYDDVHUFRQWUDWDGDHVXQVHFWRUFRQSRFDUHSUHVHQWDFLyQGHODVPXMHUHVTXpERQLFDFLyQUHFLELUiODHPSUHVDDOD

 
  ?
MH J




5 % 
 
   
WUDEDMDGRULQGHQLGRSRUORTXHVHSODQWHDDTXLpQSXHGHVHOHFFLRQDU



      
2
  
 "
   EDMDGRUGHODSODQWLOODFRQFRQWUDWRWHPSRUDOHQFRQWUDWRLQGHQLGR/D
HPSUHVDWLHQHFDQGLGDWRVORVFXDOHVHVWiQLJXDOPHQWHFXDOLFDGRV
  #

 
 ' 
 #


 (
 
  
PD\RUHV ERQLFDFLRQHV D ODVHJXULGDG VRFLDO GHOFRQWUDWR LQGHQLGR
9DORUDODVERQLFDFLRQHVTXHVHSRGUtDQUHFLELUSRUFRQWUDWDUGHIRUPD
LQGHQLGDDFDGDXQRGHORVFDQGLGDWRV
1 G $
  
 (
 





 &
1 M"

8 & #

(

 
1 

4; & #
)
(

 
1 M) 
 & #

(
 

   



"


 &

@




H &  9 


MH6HxDODVLH[LVWHDOJXQDSRVLEOHLUUHJXODULGDGHQODFRQWUDWDFLyQD
")


 

:
3 #



 

 
    % 
6  
   
"

 "
   
'
#
  

%
 

.
  
 

 

  #

 
"
 
<
 



:
1 F
   
'

1 * '

"
 

 "     
 #

(
"
    

  

F 1RFREUDLQGHPQL]DFLyQSRUQDOL]DFLyQSXHVQRHVWiMD

JH '(
 

 


6MH6HxDODVLORVVLJXLHQWHVDXWyQRPRVUH~QHQORVUHTXLVLWRVSDUDVHU

  .
.



 

:
1 
 
6 
& N
    

 #



" 3

'

 
"  4

 '( 

       


E (GJDUH,QpVWLHQHQXQD6/\RIUHFHQVHUYLFLRVGHPDUNHWLQJDXQD



   
1 3
  .  '

 
" 


 

   #

'
 8H 
 #

  H
 
 ")
 
 
 #







1 B  
  
  "  
"  .
 
#
&

        "  #



J 

 
 '
  #
%
 
 %
 '
.
.



 


:T 
 8
(QHO6HUYLFLR3~EOLFRGH(PSOHR(VWDWDOSRGUiVHQFRQWUDUWRGRVORV


 #

2
   

 




 


(
:
:LLNNN 


L
 L

P'L

L 'L
G P9; 
  '
,


 

 

 
 
 #
:
D <DSRVHHVHOWtWXORGH)3TXHHVWiVHVWXGLDQGR\VHWHFRQWUDWD

 
 '

E 6HUiVFRQWUDWDGRDWLHPSRSDUFLDOKRUDVDODVHPDQDDUD]yQ

;   

  "


1  .
  
(
 &
G /DUHWULEXFLyQVHUiODTXHMHWXFRQYHQLR

1  "
 
( 
< "

'1  

 
( "
  

#
#
 

  (
 




. 

'H & 
  9
MH !
 (2   %(
 9
 (0
  *(  
1 M
9 &
   


 &
1 @<
; & #


6.
  

1 
; & #
#

%
  
  




MH C:(2   %(
 
  

 ,0

 % 
(

  9F
1  '


6
 
1  . 
 "

1  
2   
6
1  6

"  
 
 
MH &
   (
1 

 


   "  
 
 
1  %  


   "  
 
 
1 6LHOWUDEDMDGRUHVWiGHEDMDXQPHVVHLQWHUUXPSHHOSHULRGRGH

 


  
 " #


 

?9*A!B D/ B9A D/&/5B0/ %4%9/9A$


:H  
 
4MH &
 
   
1 /DGXUDFLyQHVLQGHQLGDSXHVQXQFDVHVDEHFXDQGRYDDWHUPLQDU
 
1 6HXWLOL]DSDUDREUDV\VHUYLFLRVTXHWLHQHQDXWRQRPtDUHVSHFWRDOD
"  



1 $OQDOL]DUHOFRQWUDWRGHREUD\VHUYLFLRORVWUDEDMDGRUHVUHFLELUiQ
 
6.    & %  
 & 
1 /DHPSUHVDGHEHUiSUHDYLVDUGtDVDQWHVGHVXQDOL]DFLyQ
IMH &
 
 
(  + *(
1 6HXWLOL]DSDUDKDFHUIUHQWHGHPiVSHGLGRVHQWHPSRUDGDDOWD
1  "
 

   .   


 

 
8 


1 6H SXHGHQ KDFHU XQ Pi[LPR GH  SUyUURJDV KDVWD VX GXUDFLyQ
(2
1 5HFLELUi LQGHPQL]DFLyQ SRU QDOL]DFLyQ GHO FRQWUDWR HQ OD PLVPD
 #

   
@MH &
 
  


1 6XGXUDFLyQVHUiKDVWDTXHVHUHLQFRUSRUHHOWUDEDMDGRUVXVWLWXLGR
#




" 
 


1    


1 7LHQHLQGHPQL]DFLyQSRUQDOL]DFLyQGHOFRQWUDWRHQODPLVPDFXDQ #

 


#H :
 +

1 3RUVHOHFFLyQGHYDFDQWHPLHQWUDVGXUDHOSURFHVRGHVHOHFFLyQ



   4 


.

6MH &
 
   +
 
L9
1 





;  5 & #
 

)
 

 ;H

3MH &

( 
    9

1 !    %."

 


5 &  #
 #
 


2

 '


1 * 
 ( 
6

 
 %    % 


 

 (
 



1 
 (  . 
 

  (2
; 



1  . 
  &  (2  &

1  "
 
" 

  .   &

1 1RSXHGHJDQDUPHQRVGHO60,

1  %."

    
 (
2

 '
  
(2
; 



=MH &
 
  2   *(
1 
  #


6 
 (
  '"
GH)3GHJUDGRPHGLRRVXSHULRU

MH !
 *(5
   %(
 9 0
GUiQUHFODPDUVXFRQGLFLyQGHMR

1  . 

 &  (2
 &

1 J %  #


 

 

   . 
"

; 



1 3DUDORVMyYHQHVPHQRUHVGHDxRVQRVHH[LJHTXHKD\DQSDVDGRPHQRVGHDxRVGHVGHVXQDOL]DFLyQGHORVHVWXGLRV

1 J %    



 

  


 
4 


  
 
 



1 (OWUDEDMDGRUHQSUiFWLFDVJDQDUiHOSULPHUDxRHOGHO60,\HO
VHJXQGRDxRHOGHO60,

1 J %    



; 

  
"


 


  
 
 



1    '

1 1LQJXQRSXHGHUHFODPDUVXFRQGLFLyQGHMRHQODHPSUHVD

3

?9*A!B D/ B9A D/&/5B0/ %4%9/9A$


. 

H  
   
MH &
 
    7

1 6HUHDOL]DHOGHODMRUQDGDGHXQWUDEDMDGRUDWLHPSRFRPSOHWR
1      

 

 
  
 
1 3XHGHQUHDOL]DUKRUDVFRPSOHPHQWDULDV\KRUDVH[WUDRUGLQDULDV
1   

 #


 
6
  (2

 5H
 %    " #

 "
  


 ;H
MH &
 
  
1  
.
% 
 %  #
"  %

(





 5H 
 5H
1  


" 
( 


  #

%



 %  

" 
1 
  %
 
   

; &
1    

 (QHOFRQWUDWRMRGLVFRQWLQXRHQIHFKDVQRFLHU0

1 6HDOWHUQDQSHULRGRVGHWUDEDMR\GHQRWUDEDMRHQXQDDFWLYLGDGTXH

     &




H  
   
4MH .   &11  + *(
1 6H UHDOLFH XQ FRQWUDWR GH SXHVWD D GLVSRVLFLyQ HQWUH OD (77 \ OD


 
1 6HSXHGDFRQWUDWDUSDUDFXDOTXLHUWLSRGHWUDEDMRFRQLQGHSHQGHQ
 
   2 
1 >
      
 

  
1 /D(77DERQDUiDOQDOL]DUXQDLQGHPQL]DFLyQGHGtDVSRUFDGD
& % 
IMH ;
9 
  &11 
 

  (( 
1 >


  
'

 
 
 

 

%
1 3   



   #
 
% 
1 3     




 % 





1   


 % 
    

JH & (
 

 


@MH " (2   %(
 +  +

1 * 

 '

2
"

 & 


1   . #
% 

  


 #

'  

 5H
 


1 

 

   &  .

 


(  
 

1 1RSXHGHDVRFLDUVHFRQRWURVVRFLRVHQHPSUHVDVFRPRXQD6/R
XQD6$

1    


1 * 

   % 


( /DFRQWUDWDFLyQLQGHQLGD

1 



   
. 
 "  0"
1

 
    &

6MH !
 (2   %(
 +  

AH & 9  


  9

1 (OFRQWUDWRLQGHQLGRRUGLQDULRVLHPSUHHVDWLHPSRFRPSOHWR

3MH &
 9  


1 (OFRQWUDWRLQGHQLGRGHDSR\RDHPSUHQGHGRUHVVRORSXHGHQU




 % 


1  %  
 #
 #


6 



 
 %  


   )

1  
 


 
 






 &

1 1RHVSUHFLVRUPDUXQFRQWUDWRSRUHVFULWR

1 6L OD HPSUHVD QR PDQWLHQH HQ HO HPSOHR DO WUDEDMDGRU LQGHQLGR

5 &

(
""
    #

.
 5HVSHFWRDODVERQLFDFLRQHVDODVHPSUHVDVHQ
 
     

1 6HUHFLELUiQSRUFRQWUDWDUDMyYHQHVHQWUH\DxRV
1 6HUHFLELUiQSRUFRQWUDWDUPD\RUHVGHDxRVLQVFULWRVPHVHV


 
  8 

 



6

1 3XHGHQVHUUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVDSHVDUGHQRHVWDU

 


MH &
 9
1 6LHPSUHGHEHH[LVWLUXQFRQWUDWRDGLVWDQFLD
1   
 .
 #


 #
%
  
  #
 
#
  

 '



1 * 

 





%

?9*A!B D/ B9A D/&/5B0/ %4%9/9A$




*A@*A 37A@3

CE;Q 1!- " & : $1.'1 " '# .'&" " $  " )S" .&:;&$1&" &$ &
)&.:' '# .' &"-'/ F
  2%

7 I 
    I (2
 
  
 UPDGR
     
. !   6 *( 
 '   5HGRQGHD  '
 
 
  SRUFHURVDOQDO
 &XiQWRVFRQWUDWRVLQGHQLGRVVHUPDURQHQ\"4XpSRUFHQWDMHVXSRQHQVREUHHOWRWDOGHFRQWUDWRV"
&XiQWRVFRQWUDWRVWHPSRUDOHVVHUPDURQHQ\"4XpSRUFHQWDMHVXSRQHQVREUHHOWRWDOGHFRQWUDWRV"
 4XpFRQWUDWRVVRQORVPiVIUHFXHQWHV",QGLFDHOGHFRQWUDWRVTXHVXSXVLHURQFDGDXQRHQ
4 +DPHMRUDGRODFRQWUDWDFLyQLQGHQLGDGHODO"(QTXpSRUFHQWDMHKDYDULDGR"
5 &XiQWRVFRQWUDWRVSDUDODIRUPDFLyQ\HQSUiFWLFDVVHUPDURQHQ"4XpSRUFHQWDMHVXSRQHQGHOWRWDOGHFRQWUDWRV"
; &XiQWRVFRQWUDWRVGHUHOHYRVHUPDURQHQ\"4XpSRUFHQWDMHVXSRQHQGHOWRWDOGHFRQWUDWRV"
&yPRKDYDULDGRODFRQWUDWDFLyQDWLHPSRSDUFLDOGHODO"+DDXPHQWDGRHQRKDGLVPLQXLGR"
' 

(
6
  %(
  ORVFRQWUDWRVTXHIXHURQUPDGRVSRU (9 


DAG7@R
FA*@3AR !$&!$! "



(Q
I@G

GJM@R


(Q
@=G

&RQWUDWRVLQGHQLGRVRUGLQDULRV



;4



;54

&RQWUDWRVLQGHQLGRVGHIRPHQWR
FA*@3AR 1&)- .'&"
LQFOXLGRVORVIRUPDWLYRV
&RQWUDWRVGHREUD\VHUYLFLR







K;

&RQWUDWRVHYHQWXDOHV

























F

 

45 K







&RQWUDWRVGHUHOHYR









A  











FA*@3AR  .)'1!? "



I



@

F   '.

























F
 (
727$/&2175$726),50$'26
6(*1/$-251$'$
F   







6=IG

F  
 










(VWHFRQWUDWRLQGHQLGRGHIRPHQWRKDVLGRGHURJDGRSRUODUHIRUPDODERUDOGH
)8(17(0LQLVWHULRGH7UDEDMR0RYLPLHQWRODERUDOUHJLVWUDGR0/5

,QGLFDVLVRQ  +ODVVLJXLHQWHVDUPDFLRQHVHLQGLFDHOSRUTXpEDViQGRWHHQORV
 (QORVFRQWUDWRVLQGHQLGRV\WHPSRUDOHVGHKRPEUHV\PXMHUHVVRQPX\GLIHUHQWHV
/DVPXMHUHVWLHQHQPiVFRQWUDWRVGHREUD\VHUYLFLRTXHORVKRPEUHV
 /RVKRPEUHVWLHQHQPiVFRQWUDWRVGHLQWHULQLGDGTXHODVPXMHUHV
4 /DVPXMHUHVWLHQHQPHQRVFRQWUDWRVHQSUiFWLFDVTXHORVKRPEUHVSHURPiVHQIRUPDFLyQ
5 /DVPXMHUHVWLHQHQORVPLVPRVFRQWUDWRVDWLHPSRSDUFLDOTXHORVKRPEUHV

6

?9*A!B D/ B9A D/&/5B0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

' : $1.'1':!U$ !..&J;'. & !$)!J.'$1&"




 



  

  

 #


  .:

NCE(5    
 
FO
8QHPSUHVDULRDEDQGRQDHQXQKRVSLWDOGH0DWDUyDXQHPSOHDGRVLQSDSHOHVTXHVHDFFLGHQWy4XtWDWHODURSD
GHWUDEDMRVLQRQRVMRGHVDWRGRVOHGLMR
/)  %   


 &  

  

 
  

   



  
  
 
6 
    


.   

  
  

 SD

    T 

)   &
 .  %
'
 
.
 
)' /=
 
  &?I 

. /GI 
%
G

. #

WHQtDTXHLUDOKRVSLWDO3HURDQWHVWLHQHVTXHVDFDUWHODURSDGHWUDEDMR6LQRQRVMRGHVDWRGRV

6     

 #
"" 
  #
 

%  M 3 * 
4 &   
   
  
 
 
)' .
   


 
 .   6#
 
  


 !
G 07
1  


% 
  (#

   #
" 
6   

.   
  
 . 
"  &  

  #

 #
   

% 3
  %  
 &   

" 
  
  
1RTXLHURKDEODUGHQDGD(VWiHQWRGRVORVMX]JDGRV\SUHHURFRQVXOWDUSULPHURFRQPLVDERJDGRVVHH[FXVyD\HU-DXPH&RPDVGXHxR

 & FG* 
% M 3 * 
    '.


 (
 G U# 
"
  F   
 


  
   #

 



 



   '.
 

3

 


   % 
 .



  .  
% 3
  .



 

 3
(
 
   


#

 %
6 
 

/D
 0  %
'
1 F  %
 
#)
 %

      &
 $
   
%
: /F  

SUHJXQWHQFyPRWHORKDVKHFKRGLTXHKDVLGRHQHOHVSLJyQ3HUR\RQRVDEtDTXpHUDHOHVSLJyQ,QVLVWLHURQ3HVFDQGRGLTXHKDVLGR

   
    

  I 
M 3 *
6HJ~QVXUHODWRHOUHVSRQVDEOHGHOWDOOHUHQ9LODVVDUGH0DUGRQGHWUDEDMDEDOHOOHYyHQFRFKHKDVWDHOKRVSLWDOGH0DWDUy(QXUJHQFLDVHO

  %: IG
 

 
  
( 
 "  I C  

%. F  


) 
   
 I
/F   
 

 

  #
     " 


      
.

%I 
 7% G.
   #

 

  

 7



.
 
 WRULDQDVGH&DWDOXxD\GHOD6HFUHWDUtD1DFLRQDOGHO(PLJUDQWHGH(FXDGRU 6(1$0( GHHQGHDODYtFWLPD
3  M 3 * 
. 
 

    
  &
   


  

 7
 

DSUHVHQWDUODGHQXQFLD6XSULRULGDGHVOHJDOL]DUVXVLWXDFLyQHQ(VSDxDSDtVDOTXHHPLJUyKDFHDxRVFRQODLGHDGHWHQHUXQDYLGDPHMRU


.  
"   % 3 

#
  

 "

 
V  

: /=>) "  
  ?I C 


: /* 

"   %I
)8(17((/3$6

 E
1&yPRRFXUULyH[DFWDPHQWHHODFFLGHQWH"4XpLQVWUXFFLRQHVOHGLRHOHPSUHVDULRWUDVHODFFLGHQWH"
*&XiQWRWLHPSROOHYDEDWUDEDMDQGRHQODHPSUHVD"(QTXpFRQGLFLRQHV"<HQ(VSDxD"
,3RUTXpFUHHVTXHWUDEDMDEDHQGLFKDVFRQGLFLRQHV"4XpRSLQDV"
2&UHHVTXHLQX\HVXFRQGLFLyQGHLQPLJUDQWHHFXDWRULDQR"3RUTXp"
)4XpGHOLWRVVHOHVDWULEX\HDOHPSUHVDULR\DOHQFDUJDGR"
3&yPRKD\TXHDFWXDUVHJ~QHODERJDGRGHOFRQVXODGRHFXDWRULDQR"
+4XpKXELHUDVKHFKRW~HQHOFDVRGHOHPSUHVDULR"
(<GHOWUDEDMDGRUHFXDWRULDQR"

6

?  

!>
  
>
: $1&$! "
1!>
 


*A

 
>
,!
C



2D   >
 
)! 


 
3!  
+!    

#>&1!? "
0

  >
  
>
0
  
  

> 

0/  
  
 >
  
09


  
    
  

   



?9,!/5BD/9/9A D/&/5B




<  9
 

#;":' &$
1; : $?&$!

7

 "



:
 F
(
  %   #






 6L HO WLHPSR GH GHVFDQVR




 %  0 1
 
  


%
'
"

0                 "  

 
"   "
   
   
  "   
   ./
 %  


6    
    ORTXHVLJQLFDTXHVLHQXQDVH 

6 4  
  

8   
 
 
 
4    

=' (2
    *(  %   
4  

?
6LVHWUDEDMDVHGXUDQWHVHPDQDV\XQGtDVHUtDQKRUDVDODxRVLQFRQWDUYDFDFLRQHVQLIHVWLYRV
3RUORFXDOOHUHVWDPRVGtDVODERUDEOHVGHYDFDFLRQHV\ORVGtDVIHVWLYRVTXHHTXLYDOHQFDGDXQR
 9;      

 
 

 %  :  88 - 9; -  W <@ 
%  & 




 
 
 #



2 %7
*( 
    '
" #


(    #
 
'

 #


6
)
 
 8;   &
 

  (
9
 %     
  




<
      3  
%




 99; 
   4 

  & 

#"

   
  "

  #





 0
%
: 4  


 %
"
 
1

$.



% 

#;":' &$
1; : $?&$!

7
  "
  

 . 


% :
 *<

 
  


 G"  
 


 
 3HULRGR HQ TXH VH SURGX(  
. 



66

  


 %   K   #


% 4   K    
 4 
 
 ,
 
 (
 9
 VRQKRUDV6DOYRTXHVHDXQWUDEDMRDWXUQR


 ( 
  9 
  

 
 ,
 
 
(
   
 
  #


(
  (
 (    

 
   & F
  
  
 

4   '
 

  
%
 
 ,
 
   9
 0 1 
   

6 (
;
 
  

 5     
       
 "

3DUD
  @ 
 
  8 

 


  
 




 % 



    %  
 
 
  4 
 


$

 
' 
 



      
 0
(
%(   9
  (
G     
( " #



 
3



 

 "
 
"   
#
 %  



' 
 
    

 


  
 H
=&
*(5 
 (
 (
%(   9
?
6LSDUWLPRVGHXQDMRUQDGDGHKRUDVDODxRODHPSUHVDSRGUtDGLVSRQHUGHXQGHKRUDV
08   &1  

  9
 

 5   
(  

  )
 & 3  
 < 
 
4    
 

UHSDUWLGDGHIRUPDLUUHJXODU3RUHMHPSORXQDVVHPDQDVVHWUDEDMDQKRUDV\RWUDVKRUDV(VFRPRVL



 /
I #


 
 
 
  
%
$ .

( 

  
 ,
  


 
 
OH\2VHDGHKRUDVGHXQGtDDRWUR\GHXQGtD\PHGLRVHJXLGRDODVHPDQD6LQHPEDUJRSXHGH
     3  0
%
    1




?9,!/5BD/9/9A D/&/5B

: 2 
J






 
    %   
% 
 

:

  ( 
8  
KRUDV\GHDKRUDVFXPSOLHQGRFRQHOPi[LPRGHKRUDVDOGtD6HxDODVLHVWDHPSUHVDLQFXPSOHDOJXQDQRUPDOHJDOHQFXDQWRD
 %   

"(

D 6tTXHFXPSOHHOPi[LPRGHKRUDVDOGtD
1 * 

 (2
4    


  &  #




6 48    

1 * 




%  #




 
1 * 


 
 #




   
 
 
H 6tTXHFXPSOHHOGHVFDQVRGHQWURGHODMRUQDGD\DTXHQROOHJDDPiVGHKRUDVFRQVHFXWLYDVVLQGHVFDQVR

< &   9


     
  
   "
 
#
       UHDOL]DGDV$VtXQDMRU
1*      2  
"    


'H & 9  (



        
  
 
 
 " " '   

 %   



  

 (:
  
  "
4   
 ( 
6 2   
 
(

 (
 
 " #

 "  

  % 
  % 
 #

 HVWXGLRVRFLDOHV  
  
 ( 
'

 




%
 
 

%  


 I 

 



#H & 9
(

  
    ! !   

 
  & ,    "  +3,
  
 % 
 6
 SOXVHVSHFtFR " #


   "
 
   


 %
     




$ (

6 % :  


8 &  %


6  
 
 




C"'#D'" E;&<<<F

2
 % 




% #
"

 
 

 @$ 5;LKK5





 

%


 


 

 
 





 
"
 #

   



 
 
  

 

  
:
 

 

 

  #
 


  
 
 
 
4 


 
 




3DUD%   9


(
 



  

 
 :
 *  ( 
6 KRUDVH[WUDV   
"
  
 
   &
2 QDULRV\XUJHQWHVRHQHOFDVRGHWUDEDMRDWXUQRVSRULUUHJXODULGDGHVHQHOUHOHYRGHORVWXUQRVSRU
  
  


 6XMRUQDGDQRVHUiPD\RUGH@   
  
 
5 
 B6(


 
 ( (   #
 



#
 
 
 %  
 (

  

    

%  #

2
 


  
  
  '



6=

?9,!/5BD/9/9A D/&/5B




: 2 
8QWUDEDMDGRUHVFRQWUDWDGRSRUXQDIiEULFDSDUDUHDOL]DUXQWUDEDMRGHKDKGHODPDGUXJDGDGXUDQWHXQDxR6HWUDWDGHXQWUDEDMDGRU
? =>) 
 

. 



 

% ?
"(

1  %  
6  
  

    ;   #

 
  %  
1 * 


6 
2   %  


 
   

8 
 5  3
( 6

.

    #
 


 #
 
   
2

 

%  
 #

"

  


 



%

/DVKRUDVH[WUDRUGLQDULDV
#;":' &$
1; : $?&$!

7

 "



  

 


 
2:
 6LVHFRPSHQVDQSRUGHV   


 
 #) 
 6L VH UHJXOD FXiOHV WLHQHQ
 
.


2 

!  


   
 

 '"  "
 &

 "
 
 
%
 #



  %
  



6LQRKD\SDFWRVHFRPSHQVDQSRUGHVFDQVRHQORVPHVHVVLJXLHQWHV6LVHUHWULEX\HQQRSXHGHVHU
    '
     
 <
 Pi[LPRGHKRUDVH[WUDV 
@   WUDEDMDGR3DUDHVWHWRSHQRVHFXHQ  #
    
  
 




"  
 

 
2 
6    % 

 
    

 
6 
2  

#
 

  
  

 
 
2   

  %  

 
  (2

2   & 
(    %  #



3  
6  5H
 %  
 (  (2
 5H

2
 %  

 

1

 
6 
2:  % 
 


8 &   % 
  0
2
   "

   1

!

6RQDTXHOODVTXHHOWUDEDMDGRU (

 
6  
     


A

3RUTXHVHKD\DQ

 

: 
%
  
 '

 
" 

 
  
 .

3RUTXHVHKD\DQ
  (
 

%
3RU +(L   
"
#

#
 
  
   &
2  

 
%
:   . 

   
 
 

  


 

8   &

: 2 
 

 
  
  
"   #


     % 
 #

#

   (  

 



   

 
    

( 

  .2 
   % 
 



(    
6   #) 

  #

  

 
 ,  
#) 





 % 
 

   
6.

2
"(

 
 

 
 "
 
"  "
  
& #

2
 
2   

  
"
   

 

 

 
 
(Q VHJXQGR OXJDU GHEHUtDQ UHYLVDU VX FRQWUDWR GH WUDEDMR SRU VL UPDURQ HQ HO PLVPR OD REOLJDFLyQ GH UHDOL]DU KRUDV H[WUDV \ HQ TXp


64

?9,!/5BD/9/9A D/&/5B




6< .(
 9

0
  
 
 
 
  &   
  
#  "
 4   "
SRUVHUYtFWLPDGHYLROHQFLDGHJpQHUR
  "   "+*5
6*5


#;":' &$
1; : $?&$!

7   "
 
&
 
%
  :
 @
.
%  
  
'

   

 

 %  


   % 


  ( 
  9
 NO 
 V V@    
 

 '
 #
 

 "  
 :
3RU

  @ 

3RUPHQRUHVGHDxRV

+ 
 
    #
 "

 
'

  


 (

3RUFXLGDGRGH

  , 

  @  +  2
 (  
+ % #

#
 63RUFXLGDGRGH

.
 .
    
. 
(  
 5 H
 % 
M   %  
(2  
   .

(  2 %   9   < .
#
 
. 

"
 

  %      


%  
  "
 
" 




 


.    % 

 % 


(  
= ,RORTXHHVWDEOH]FDHOFRQYHQLRGHODIHFKDGHLQLFLR\LQ



 2    " #
(
 % 


 
  


 
  
  


  6


 '





3RUFXLGDGR

'


3RUODFWDQFLD




K 



8QDYH]QDOL]DGRHOGHVFDQVRSRUPDWHUQLGDGVHWLHQHGHUHFKRDOD(
  (  9  
  ,6LH[LVWH 7 
 
 <

%
F
  
: 


 %
    
 " 
  


 
 

 %   
 
  % 
 
    
  
  
  
  . 


  %   
  "
 
" 




 


. 
 "
 
"   



 
 %  





  
((
   
 
9
 GHPDQHUDTXHDOQDOL]DUODPDWHUQLGDGHOWUDEDMDGRUSXHGD


( 
 %  ' 

  




 


 '          (
  9
 

  



C"'#D'" E;&<<<F

$

#

  KKK 
.    :

     
    
  

"

  
.   '"

  . 
   ( 
:
  
.
 %   
 

  '
  6 
 %
  .
 


  
  
    
 
  
%
 
2

    
% 
'

  
%

 


     (


 
6.

) 
    

   
   "
6  

 
  .
 


    5 
  
%
  
.
   
 


6  )  
 
 
   
#

 "
 
 
%  '"

  .   '
 % 


6I

?9,!/5BD/9/9A D/&/5B




: 2 6
-XDQ\0DUtDWLHQHQXQKLMRGHDxRV\DFDEDQGHVHUSDGUHVGHXQSDUGHJHPHORV&XDQGRQDOL]DQHOSHUPLVRGHPDWHUQLGDG\SDWHUQLGDG


 #) 

 
  
 %
   
 & #
 

 #
    #


  
 
6  
.
% 
  
 8
%  
(     ""
 ( 

 
 


 
 ' #
 

  
  
.
%  
    
  <     
  #

 


   =

6. 

? "(

* 
  

   
.
% 
  

"

   



8 &

L  L8

 %    L8  
"  
  
&  % 
 " #

 "
 

 
    
.
   #
   "
  "
   


C"'#D'" E;&<<<F

6H DGTXLHUH OD FRQGLFLyQ GH


,  
 
%5
 :

 6HQWHQFLDGRQGHVHFRQGH
 

 A



.  

 %
6   '"
 @
. %  #

    
 




. 
 "
 ,'

 G
 
#
 #
  
#


 



.

#
   7     

 %  "
"

)
  (   

 
:

(
  9
   


DGDSWDQGRHOKRUDULRDXQKRUDULRH[LEOH   #

 

.
 

%

RWUDIRUPDGHKRUDULRH[LEOHTXHXWLOLFHODHPSUHVD
#
  
 8  
  


  ( 
  %
   
 (
G (
IG
 %  (       

 %  #
 
6




%(  


    
.
  

"
  

     
(  = ,   





 % 
  

  (

  '(   #

6 
 @   
.
%    @     

#
  3  

=<   (


  (    
 
             

 
 "    -  &   
5  

$  ( 
 4   


$
  9
6


  
+
 0 $  ( 
 4   


  
*M
 
6


#



#;":' &$
1; : $?&$!

7
  "
 .

  
 
 :
 6LHVWDEOHFHDOJXQDPHMRUD

  
 
  
 

% 

 6LHVWDEOHFHDOJ~QSHUPLVR

"  
 




6@

!


*(7%     8 
$  ( 
 4   



 
     
   

6

*M
 
1      

 
  

     GHEHU LQH[FXVDEOH


   
 N 
   >      
  

  
6.
PHVDHOHFWRUDOHWF
#
 
 8    
 
 
  



 
#
   8   5 ( 
@
.
    
   


     8   

0
     
.
  

#

 8
+(

 


 


  




 


 %   H[iPHQHVRFLDOHV 

 (

  


 
 
 


  
( 
    



 "
 
"

?9,!/5BD/9/9A D/&/5B




: 2 =
6HxDODSDUDORVVLJXLHQWHVFDVRVDTXpSHUPLVRVODERUDOHVWLHQHQGHUHFKRORVWUDEDMDGRUHV VHJ~QHO(VWDWXWR 
D 3RUIDOOHFLPLHQWRGHDEXHORHQODPLVPDORFDOLGDG
1 $   '


'

   
E 3RULQJUHVRKRVSLWDODULRGHKHUPDQDHQXQDORFDOLGDGDNP 1 F   
 
'

    

#

6

F 3RULQWHUYHQFLyQGHFDWDUDWDVGHXQKLMRHOFXDOVDOHGHOKRVSLWDO 1 $   
"
. #<  6. 
 #


    

 

 
#




 
'

  
G 3RUWUDVODGRGHGRPLFLOLR
1 J 
 
  

4<  


 +
'H  

!7     

  "# 

   
 
    "    
 ' 
 "
  

 

 
 (  ((  
  #

HOFRQWUDWRQDOL]DVH\D~QQRVHKXELHVHGLVIUXWDGRGHHOODVHQFX\RFDVRVtVHSDJDQODV


 +(

 % 


( 
  + 
  
   

 

 "
  '
 




7
(



 
 %  
<

 
  
TXHVHMHHQODHPSUHVDVLJXLHQGRODV
  

 

SODQLFDFLyQDQXDOGHODVYDFDFLRQHV(QFDVRGHGHVDFXHUGRFDEHXQDGHPDQGDMXGLFLDOXUJHQWH
 "
 
'( 
    . 
'   %(




#

   
   
    "
 
 

  
'
  "
6
QDOL]DGRHOSHUPLVRGHPDWHUQLGDGRSDWHUQLGDG(VWHPLVPRGHUHFKRWDPELpQVHDSOLFDUiDTXLHQHVQR
 ' 
 "

    %   

   & 






(
    &  
 GRQGHVHMHHOSHULRGRGHYDFD
    '
"     
   



   
 &

#;":' &$
1; : $?&$!

 "
 


  


OD SODQLFDFLyQ DQXDO GH ODV
"
 7
  YHQLRTXpQRUPDVMDVREUH
  
 
'

 F( 

 
 
% 
  '


"

 6LH[LVWHDOJ~QRUGHQSDUD


  "

  

   #






  

 "


#H  +
  '
"  & 

    "
   .    


DIHFKDVHQVXPD\RUtDMDV6LQHPEDUJRVHHVWiFDPELDQGRKDFLDXQDWHQGHQFLDDWUDVODGDUORVIHVWLYRV
 
 
" 



F


 '
"

 % 
 



  6 +   
    


  B
 
  
ORVDxRVORVGtDVIHVWLYRVVLHQGRGHHOORVORFDOHV\RWURVMDGRVSRUODVFRPXQLGDGHVDXWyQRPDV

 
#




%:
 5



 



 


 

VRQWUDVODGDGRVDOXQHVVLQTXHHOWRWDOGHIHVWLYRVGHODxRSXHGDVHUVXSHULRUDGtDV6LVHVREUHSDVDVHKDEUtD
#



  '
"
( 0
 '
" 


1

 
#

%

 '
"  " 


#


(  

( 

  (
I=G   
     
  

 95H &   


 %   
$SDUWLUGHOFDOHQGDULRODERUDOGHFRQHOQGHHYLWDUORVSXHQWHVHVWDED  #
 

(
ORVVLJXLHQWHVIHVWLYRVGHDJRVWRGHQRYLHPEUH\GHGLFLHPEUH6LQHPEDUJRDOQDOKDTXHGDGR
6  
   

 "


 
"


 ;





63

?9,!/5BD/9/9A D/&/5B




I<  


  %(
C"'#D'" E;&<<<F

 L
 #




 

     

 
:
 .
 %

 
 
.


 
%   
 
"  



 
6HUHQWDELOL]DHODOWRQLYHOIRU"
 %

 #





 ;H
 
 #


  

A6  
 



$DQ]D HO FRPSURPLVR GH OD


    
   ".
6HREWLHQHXQDPHMRUDGHOFOL   #





) 
2
"
.  

 
 
F
 
  

"  '




 
 


3
( 

  " "


#;":' &$
1; : $?&$!

7
  "
 


 
 

  
.



 
 


   

  


   "


F  
 A(
, 

G%

  D

9 

  

 

ODVHPSUHVDVORVFXDOHVVHSXHGHQGHQLUFRPR
8

           

  
   "
 
  

 -  
   
     

=>)  2
%  

  
  ?
A 
 
E


2  = 9

 #
 

6
 

 

 #
  


   '(    

  
A
 
E



  = 9 
    
"

  





 % 

=E(5  

 

  

  ?
 2 

  
 
 

 

 :

,
     



  

-
 
0 RFLDOHV
%
 


 
  
 
   



  




F  %


 (
 



 


'


"
  

'HQLUVLVWHPDVGHFRQWUDWDFLyQQRGLVFULPLQDWRULRV
,'  "   %

  
  '.


A'

 '
 '"      '

  .
)



 

. %
"   
#
  
 ,GHQWLFDUHOSRWHQFLDOGHPXMHUHVFRQSRVLELOLGDGHVGHSURPRFLyQ\
'
  
 '

@
"    6    
 
#7 
%
#"


3RVLELOLWDUODH[LELOLGDGGHKRUDULRVGHHQWUDGD\VDOLGD
$ 
'


 

.
  
 
"
 
:

    

  
 
 '

  


G
%  


   
      
.
% 
J 
%

(

  
2
  . 
 
:(


2




'HQLUXQSURWRFRORGHSUHYHQFLyQ\GHQXQFLDGHODFRVRVH[XDO\GHO
 
$FRVRVH[XDO\PRUDO
F

   '  "

J*: ,
 G%
 091 B  
 
   

 
 

 



=




: 2  


'H  9
 

MH 3 B6(
6 


 


 

:  
 8  
     &  
 ""
   5
    8  


  "

 J
 #
%

3
 #

 
%  
    & 

 ') ,   

  
 (2
%   
  
 


MH F  
" " 

 #


6  . 

 %   #


 .2 
 "  
 (

   


 #
 % 
 
#

   (

  
 
6   %  
 
 

  "


8      

 
"
 
& #
 %  

 8 
D 3XHGHODHPSUHVDDXPHQWDUODMRUQDGDWRGDVHVDVKRUDVGHELGRD
 . 

 % ?
1 = 
" %  



 

%  

? =>) 

 
(2
  ?
F  4Xp RFXUUH FRQ ODV KRUDV GH PiV UHDOL]DGDV" 6H SDJDQ R VH

 
?

#H &   9


MH 3'
 %
  '(
    ; 



" & 3 
 
 #
 
( 
 <


( 

 
)  

( 
 
GHMDUHVHWXUQRMRGHQRFKHV3RURWURODGRODHPSUHVDTXLHUHTXH

#

  9  
 .2 ; 

 ( 

 
2
 
(
1 =

3'
  
.
%  ?

?9,!/5BD/9/9A D/&/5B0/ %4%9/9A$


& /DVKRUDVH[WUDV
=MH ,  (

 

 % 
 

  .


6 
2   #) ":
1 @  #
%  
  ;    0    
1  

 #

#


 
2 (   

XQDVHPDQD3DFWyHQHOFRQWUDWRUHDOL]DUKRUDVH[WUDV
1 G M) #
%
 

  "




#

   
  
"
 

6 
2
1 M% 


 36  '    .  
/ 'I   #
 #
   
  
 ) 
   #

% ( 


H .(
 9

4MH B   

  %
; &

  #
 
FXLGDEDQORVSDGUHVGH*ORULDFXDQGRDPERVVHLEDQDWUDEDMDU6LQ

   
  


 
  B   

      % 
%
  

"



 #

  
"
  
 B  
   
% 
8  4  
  4   #
%
8 
;  
K  ;
D 3XHGHQUHGXFLU*ORULD\(OtDVHVDVMRUQDGDVHQVXVHPSUHVDVFRQ

 
" ? =>) 
%



.
% ?
1 =F ( 


 
"  

?
IMH 3 %
 

   
8  4 


  "

 $


& "  

    

  
 

#
  
  

"

  
   

'

    #




 
.
% 


%
 

 
 
  )

K  4  
#


 




D 3XHGHUHGXFLUODMRUQDGDSRUFXLGDUGHVXPDGUH"3RUTXp"

E 3XHGHVROLFLWDUHOFDPELRDRWURWXUQRHQODIiEULFD"

1 = 
.
 #






 
%

TXHSXHGHUHGXFLU"3RUTXp"

1 =$


6
 
2 


  9
 &? = #)    
 
2?

F (OQXHYRKRUDULRVROLFLWDGRHVFRUUHFWR"3RUTXp"

6MH,QPD-XDQD\6RItDWUDEDMDQDWXUQRVHQXQDUHVLGHQFLDGHDQ 
6   

& 

  

QRFKHVOWLPDPHQWHORVWXUQRVVHKDQWUDVWRFDGRGHELGRDTXHGRV
&

(
%         #
 "


 #

6  
 
 

  #



 
, M   
 "  
6 
 
'

   
  #
     

 #

 

HO WXUQR D OD PDxDQD SDUD SRGHU DVLVWLU D FODVH 6RItD OH LQGLFD D OD


 #


#

6   #
) #


#
 
  
 &   M
1 =(   ,  
6
 
" 


 
QDV"3RUTXp"
E 3XHGHQVROLFLWDU-XDQDHOQXHYRWXUQR"3RUTXp"
F 3XHGH6RItDFDPELDUGHWXUQR"

G 6LJDQDVHDOPHVGHVXHOGRHQFXiQWRVHOHTXHGDUtDWUDV
 
.
% ?
@MH8QDWUDEDMDGRUDKDQDOL]DGRHOSHUPLVRGHPDWHUQLGDG\DKRUD
#

'
 

 
  #
' 



#
" 
   ( 
 #

 &

 K 


D  7LHQH GHUHFKR OD WUDEDMDGRUD D HVD UHGXFFLyQ GHO KRUDULR" 3RU
#)?
1 =>) 
 
( 

?
F 6LHOFRQYHQLREDUDMDVHODSRVLELOLGDGGHDFXPXODUODODFWDQFLDHQ
MRUQDGDVFRPSOHWDVDTXpVHHVWiUHULHQGR"
1   

 ' 
#
)   
  

   #

 
  

 =>) "

 

 #
( 

  

?

=

?9,!/5BD/9/9A D/&/5B
3MH 8QD HPSUHVD VH HQFXHQWUD FRQ GLFXOWDGHV HFRQyPLFDV GHELGR
D OD FULVLV SHUR GHELGR D OD JUDQ GHOLGDG TXH PDQWLHQH FRQ VXV 


  



   
 

#
 "
 
%   4H  
 

 


 
 5

GRV6LQHPEDUJRODJHVWRUtDOHLQIRUPDGHTXHXQDGHODVRSFLRQHV

 

    

   %   )
 
  

   

D (VHOORSRVLEOHOHJDOPHQWH"3RUTXpPRWLYRV"
1 =
#) H (2   



  %  

?
1 =>) (   %  #

%
% 

 ?

&H   (


MH ,    

   #) 
 
  



 



  % 
 
<
 :
D 3RUIDOOHFLPLHQWRGHKHUPDQRHQXQDORFDOLGDGDNP
E 3RUQDFLPLHQWRGHKLMRHQODPLVPDORFDOLGDG
F 3RUHQIHUPHGDGJUDYHGHXQWtRTXHHVWiLQJUHVDGRHQHOKRVSLWDOGH
   
G  3RU XQD LQWHUYHQFLyQ TXLU~UJLFD D OD DEXHOD 
 #



 
   

 

 
H 3RUDVLVWLUDORV6HUYLFLRVGH6DOXGDODVWpFQLFDVGHSUHSDUDFLyQDO


H  
 +
MH 3HGURFRPHQ]yDWUDEDMDUHQXQDHPSUHVDHOGtDGHIHEUHUR
    
8 


.   

   
. 
  % 
 #


 
 

"
 #




 


%  


 #


 #

 "
  '
 

  %  

(
 5

D  &XiQWRV GtDV GH YDFDFLRQHV OH FRUUHVSRQGHQ D 3HGUR VHJ~Q VX
?
E /DHPSUHVDKDMDGRFRUUHFWDPHQWHODVIHFKDVFRQFUHWDVGHFDGD
WUDEDMDGRUHOGHPD\R"3RUTXp"
F  6L D 3HGUR OH GDQ ODV YDFDFLRQHV HQ VHSWLHPEUH FXDQGR pO SLGLy
  

 
( 
  

 =#) 



3HGUR"
G 6LGXUDQWHODVYDFDFLRQHV3HGURHVSDGUHTXpVXFHGH"
MH 
 %


  

F  
 


 

%
%
"
 
  6 
 '
":
 %
"
  
 "

  

 
  .  

#) 
%
 
  
 #




 '
"
D 6LVHFRPSHQVDSRUGHVFDQVRDFXiQWRVGtDVHTXLYDOGUtDGHGHV    '
" % ?
E 6LJDQDVHDOGtDFRQFXiQWRVHWHQGUtDTXHUHWULEXLUHOWUDEDMR

 '
"?

=




. 

'H  9
 

MH "    (
%( *(5 0
(   
1  

 %    
1 


%   %     "

 


 #



%
 9 
1 
  


  
  (  

1 


 %  0 1
 
 

1    

MH &
 (
%(   9

  
*(
1 
 #







 "
 
"
1 3XHGHDOFDQ]DUXQGHODMRUQDGDDQXDO
1 6RQ XQDV KRUDV D GLVSRVLFLyQ GH OD HPSUHVD SDUD LQFUHPHQWDU OD
% 


  )
 &
1 6HFRPSHQVDQSRUGHVFDQVRQRVHUHWULEX\HQ

#H &   9


MH !
 (2   %(
 +  
1  %     

  #

6  % 
1  

 
 #


6   

1 /RVWUDEDMDGRUHVTXHUHDOL]DQHVWXGLRVRFLDOHVWLHQHQSUHIHUHQFLD


 
%
1 * 



 (
 
 
"

 



 
  "
4 

1 *
 

6MH ;
9
(

1  #
 #

6  % 
  

 4   ;
  
  
1  #
 #

6  % 
  

    ;
  
  5H
 % 
1 * 

 
 % 
   %


6  
 


8 &
1 B6(
  
.
  #
#
 
% 

1 *
 


?9,!/5BD/9/9A D/&/5B




. 

& /DVKRUDVH[WUDV

3MH ;
  *( *( (  9
  
 (

 *(  2 0

 
(
  %(

1 3RGUiUHGXFLUODMRUQDGD\HOVDODULRXQPi[LPRGHO

 5HVSHFWRDODVKRUDVH[WUDV
1 /DVYROXQWDULDVVRQDTXHOODVTXHHOWUDEDMDGRUUPDHQHOFRQWUDWR
#



6
1   

 
  

 

 


 "
  #

  '
6 
1  (2

2  &    


%   
1  % 
  
   

 
 
2
  



H  (
 9

4MH !
 *(5
   %(
 9 (0
  (
 (
  9
  (
 +
1 6DUDSDUDFXLGDUGHVXKLMRGHDxRV
1 0LJXHOQJHOSDUDFXLGDUDVXKLMRGLVFDSDFLWDGRGHDxRV
1 G F
       
 #
 

"

 
  

   
   

1 3 )   
  #

(
'

IMH &
   

   *(
1  

 % 

    

" 


 


 
 
 % 
1  "
 
" 

 
  
. 


.
    % 

1  "
 
" 

 
   

 %  
  ""
 ( 

 
 
1    

  


 '




 


      "
6
@MH " *(  

 ,  
 
%5
 

1 3RGUiUHGXFLUODMRUQDGD\HOVDODULRXQPtQLPRGHO\XQPi[LPR

 8H
1 3RGUiUHGXFLUODMRUQDGD\HOVDODULRXQPtQLPRGHO\XQPi[LPR

 9H
1  %  (  



 
 H
 % 

&H  


 +
 6HxDOD FXiO GH ODV VLJXLHQWHV DUPDFLRQHV HV
    

1 6HWLHQHGHUHFKRDXQPtQLPRGHGtDVODERUDOHVGHYDFDFLRQHV
 & % 
1 1RVHSXHGHQFRPSHQVDUSRUGLQHURVDOYRTXHHOFRQWUDWRQDOLFH\
#

 "
 
 


'
1  % 


 
  '

"

 
 
 


 &
1 

 


  
    #
)

  
  3 .    & 

  
  


MH .   +
1    4 '
"  & 
 
1 'RVIHVWLYRVVRQORFDOHVMDGRVSRUHOD\XQWDPLHQWR
1 'RVIHVWLYRVVRQMDGRVSRUODVFRPXQLGDGHVDXWyQRPDV
1    


H & 
 %(
MH & +    
  %(
1 6HDQREOLJDWRULRVSDUDWRGDVODVHPSUHVDVGHPiVGHWUDEDMD 


1 J 


.   
 %
6

1 6HDYROXQWDULRSDUDODVHPSUHVDVGHPHQRVGHWUDEDMDGRUHV
 
 


  
   





 % 
  

1 J 
. %  #

    
  




.   "

1 3



 
 
 
 
6  . 
"



 . 

    

1 J '

 G
  #
 #
   #



 


.

1 
 
 
 
  


 
"    6    
 %
#"

 
H[LELOLGDGGHKRUDULRVGHHQWUDGD\VDOLGDRGHQLUXQSURWRFRORGH

"
. 

  
2 
  

1 J 

 



 


1    


=

?9,!/5BD/9/9A D/&/5B0/ %4%9/9A$




*A@*A 37A@3

: $:!!':!U$ & ' ?!' '# .' W ')!!'.




 



  

  

 #


  .:

NE( 
 ( O
8  #  
-   
SXHGHKDFHUVHFDUJRGHOEHEp
G $ 
45 &  .
 5



 
.
   
  
     %
9 

 
UHVSXHVWDGHODHPSUHVDODUPDGHDOTXLOHUGHFRFKHV*ROGFDUOOHJyDORVGtDVUHTXLULyDVXHPSOHDGRTXHGHPRVWUDUDSULPHURTXHVX
%
     
 
#
&
(QXQHVFULWROHUHFODPyTXHDSRUWDUDXQFRQWUDWRGHWUDEDMRRXQFHUWLFDGRGHODHPSUHVDGRQGHFRQVWDUDHOHPSOHRGHVXSDUHMDRHQVX
GHIHFWRXQDDFUHGLWDFLyQYiOLGDGHSRUTXpQRSXHGHDWHQGHUDODPHQRU3DUDWRGRHOOROHGLRGtDV'HORFRQWUDULRTXHGDUiGHVHVWLPDGD
VXSHWLFLyQSRUHQFRQWUDUVHODHPSUHVDVLQPHGLRVTXHMXVWLTXHQFRQFHGpUVHOD\QRWHQHUODFHUWH]DGHTXHYHUGDGHUDPHQWHVXPXMHUQR




   
I & .
 

#


 

#

   
 



 
     %
 /   
 
  


I 
  "
  
<  G
3 


, 
FFAA
3
 #

 
 
$~QTXHGDQUPDVTXHVHMDFWDQGHUHFKD]DUODUHGXFFLyQGHKRUDULRSDUDORVKRPEUHVSRUHQWHQGHUTXHHVWRGHODFRQFLOLDFLyQHVVROR

%

I &
 





 
& 3
 #
/

%

 

 


I
G #
%


 #
B  



 


3
 .  
.
% 

 8 
TXHWUDEDMDDOGtDODOH\FRQWHPSODUHGXFFLRQHVGHVGHXQDRFWDYDSDUWHFRPRHQHVWHFDVRKDVWDODPLWDGGHODMRUQDGD3HURDGHPiV
 .  
 
%
%
' 
"
 
&  
  
 .   &
/DHPSUHVDDFHSWyODUHGXFFLyQHOGtDGHVHSWLHPEUH3HURDOPLVPRWLHPSRSDUDMDUHOQXHYRKRUDULR\HOWXUQRUHTXLULyORVMXVWLFDQWHV

%
 %
   #
 (


%. 
'
  6. $

 3 

  #
 
    

 % 
 &  




 
%  G #
 
   ""
   
 

 


WXUQRMRGHPDxDQDVRWDUGHV6HWUDWyGHXQDFODUDIRUPDGHSUHVLyQLQGLFDODUHVSRQVDEOHVLQGLFDO
*ROGFDUVRVWLHQHTXHODSHWLFLyQGHFDPELRGHKRUDULR\WXUQRGHOHPSOHDGRRFDVLRQDXQJUDQSHUMXLFLRRUJDQL]DWLYRGHELGRDODPRGLFD.
 
 

&
I /D)     
 %  '
  %
I     

 
SRUWDYR]GH*ROGFDU6RORKHPRVSHGLGRTXHQRVGLJDSRUTXppOGHEHFXLGDUDVXKLMD\SRUTXpVXFyQ\XJHQRSXHGHKDFHUOR(QWRGR
  #
 


      #


(
   /D
 
 

     




.
  
 6    
 "
  .
%

 
"
 <I
 
.
G
 

  "   
   
  %

  



 ""

 
%   

KRUDULRGHFDGDXQRGHHOORVVRVWLHQHODUHVSRQVDEOHGHLJXDOGDGGH&&22HQ$OLFDQWH3RUHOORHQHVWHFDVRHVLQGLIHUHQWHVLODPXMHU
WUDEDMDRQRDVHJXUD$UDFLO3RUTXpHOWUDEDMDGRUWLHQHTXHGDUFXHQWDGHODYLGDSULYDGDGHVXSDUHMD"1RVHWUDWDGHOKLMRGHDPERV"


 /=D #)   

 "
.
  
 .
?I
/)8(17((/3$6

F

:
1 =>) . G  #) 
. 

? =>)    ?
1 =>) 

.  

?
1 =>)  

 



  ? =F.   "

?
1 =>)
2.    G
3 


 
FFAA?

1 =F(
  .? =F

 #

  " 

  
.
 %    
 %
 

#
%
 

FyQ\XJH"3RUTXp"

=6

?9,!/5BD/9/9A D/&/5B0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

C- . );>&. - .E;& &" #;&$'F


/DSURSXHVWDGHMDUFXRWDVSDUDSXHVWRVGLUHFWLYRV
6HFRQRFHFRPR7HFKRGH&ULVWDODTXHOWHFKRTXHVLHQGRLQYLVLEOHTXHH[LVWHHQODVHPSUHVDVHLPSLGHDODVPXMHUHVDVFHQGHUDSXHVWRVGHGLUHFFLyQ\UHVSRQVDELOLGDG8QDGHODVSURSXHVWDVSDUDVDOYDUORHVMDUXQDVFXRWDVSDUDTXHDVFLHQGDQXQSRUFHQWDMHGHPXMHUHVDHVRVSXHVWRV
36
 



  

  



NC- (9  *(  (


FO
/DSURSXHVWDGHMDUFXRWDVSRUVH[RVHQSXHVWRVGLUHFWLYRVKDFHWHPHUSRUHOSHVRGHORVPpULWRV/RVH[SHUWRV
 # 
&DVLXQGHORVWLWXODGRVXQLYHUVLWDULRVHQOD8QLyQ(XURSHDVRQPXMHUHV6LQHPEDUJRDSHQDVRFXSDQXQGHORVSXHVWRVGHUHVSRQ 
  
 &  %
 
' 
  

   "6 * 

 
% #
 " 

PXQGRHPSUHVDULDOODGLFXOWDGGHFRPSDJLQDUODFDUUHUDFRQODYLGDSHUVRQDO\IDPLOLDU\XQDVSROtWLFDVGHFRQFLOLDFLyQD~QHQSDxDOHVQR
  C



# 
(

  
       " #
 


 
 

 
 3
#
  


  "

 
2
 ( 
  D %

 
   #
 #
 


.  ( 

 '


 
 
"

 
 "  = .  
.  ?
/DVLWXDFLyQFDPELDGHSDtVDSDtV(Q6XHFLD\)LQODQGLDPiVGHOGHORVFRQVHMHURVGHDGPLQLVWUDFLyQGHODVJUDQGHVHPSUHVDVVRQ
PXMHUHVHQ/X[HPEXUJR3RUWXJDOR0DOWDVRQPHQRVGHO(OSDQRUDPDHVWDQGHVRODGRUTXHKDFHXQRVGtDVOD8(GLRXQXOWLPiWXPD
ODVHPSUHVDV6LQRLQFRUSRUDQDPiVPXMHUHVDSXHVWRVGLUHFWLYRVVHLQVWDXUDUiQPHGLGDVFRUUHFWRUDV
       2(   


 - 
(
5

 -   '


 

 4H

ORVFRQVHMRVGHDGPLQLVWUDFLyQ%pOJLFDHVWXGLDXQDPHGLGDVLPLODU(Q(VSDxDODOH\GHLJXDOGDGMDXQREMHWLYRGHSDULGDGSDUDHO
3HURHVVRORXQDUHFRPHQGDFLyQ$XQTXHVHKDDYDQ]DGRTXHGDPXFKRFDPLQRSRUUHFRUUHUODVPXMHUHVRFXSDQXQGHORVSXHVWRVGH
UHVSRQVDELOLGDGGHODVHPSUHVDVGHO,EH[HQUHSUHVHQWDEDQVyORXQ
&DUPHQ1DYDUURGLUHFWRUDJHQHUDOGH,JXDOGDGDUPDTXHQRVHGHVFDUWDDSOLFDUFXRWDVVLSDVDGRHOSOD]RTXHPDUFDODOH\ORVUHVXOWDGRV
 
% J '. #


 < 
: /D #
 

 
% %
   '.
 %

  

.


 #

      
 

"
   

 

I
 

    F

 #
 
 /

I / %

 

(  
'
QDWXUDODORVSXHVWRVGLUHFWLYRVDUPD)HUQDQGR(JXLGD]XVXYLFHSUHVLGHQWH6RVWLHQHTXHHOPpWRGRFRUUHFWLYRSXHGHSHUMXGLFDUDORV

 / .
 %
    
"
 
 


    6
 ) ) #

 5H


 7
  
       
% 
 

( 
     "
6 ( 
  ( 



DOJRTXHODVFXRWDVQRDVHJXUDQGLFH/DVFXRWDVDGHPiVPDUFDQ3XHGHQOOHJDUDSHUMXGLFDUDODVSURSLDVPXMHUHV$KRUDODVTXHOOHJDQ
 
  )    
( I 

6LQHPEDUJRQRVHWUDWDGHXQDFXHVWLyQGHPpULWRV/DFXRWDQRFRQVLVWHHQEXVFDUDXQDPXMHUHQOXJDUGHXQKRPEUHPX\SUHSDUDGRSDUD
XQSXHVWRVRORSRUVHUOR6HWUDWDGHHQFRQWUDUDODPiVSUHSDUDGD$ODPHMRU<GHREOLJDUDODVHPSUHVDVDVDOLUDEXVFDUODV
,QPDFXODGDOYDUH]SUHVLGHQWDGH0XMHUHV(PSUHVDULDVKDLGRFDPELDQGRGHRSLQLyQFRQHOWLHPSR+HVLGRGHODVPD\RUHVGHWUDFWRUDV
GHODVFXRWDV&UHRTXHDVFHQGHUHVDOJRTXHVHGHEHUtDKDFHUSRUWDOHQWRGLFH3HURSDVDQORVDxRV\REVHUYDPRVTXHVHDYDQ]DDXQ
  
 #



#  
 D
 '


 

 #

  .    ( 

FRUUHFWRUTXHLPSRQHUODVFXRWDV(OVLVWHPDKDGDGREXHQRVUHVXOWDGRVHQRWURVFDPSRVFRPRODSROtWLFD3RUTXpQRLQWURGXFLUORHQOD


?I 

)8(17((/3$6([WUDFWRGHODUWtFXORGH0DUtD56DKXTXLOOR3RUPXMHURSRUTXHHVEXHQD"

F

:
1 =>) 
%

%

    "
  ( 
  

 
  


?
1 =F.
( 
 
   

 J   
.
 ? =C   J?
1 @

 4 
 #




   '" 
 
 : F
 *"
   6 , 
OYDUH]\ODSURSLDDXWRUDGHODUWtFXOR
G 2UJDQL]DGXQGHEDWHHQFODVHGRQGHDOXPQRVGHHQGDQHOVLVWHPDGHFXRWDV\RWURVQR

==

?9,!/5BD/9/9A D/&/5B




('8&$&,1(19$/25(6(1(/081'2/$%25$/

&.&:A " '# .'&" & '"


?D:1!)'" & ?! &$:!' & JQ$&. E;!Q$&" " $<
/D/H\2UJiQLFDGH0HGLGDVGH3URWHFFLyQ,QWHJUDOFRQWUDOD9LROHQFLDGH*pQHURGHHVWDEOHFHXQDVHULHGH   
#
 %

 #
   "
 "

)
 
   
 
   

 


.
 

.
 
 
  
 @
 $

 K9L8 

 :
@

.
   9 '
  

 

.(
  9
  
 
 
' 
 (
  +  (
(VHFRQVLGHUDQMXVWLFDGDVFXDQGRDVtORGHWHU
  
" 
 

:  
  9  

"

 
 
 ; 


0RYLOLGDGJHRJUiFD  

 



%
 '


 

"(

 
  

"


% 

  




 
; 

 
 8 

  
. % 
([WLQFLyQ
  

  



  "
 % 
6LQHPEDUJRVDEHPRVTXpPXMHUHVVRQODVTXHDFFHGHQDHVWRVWLSRVGHGHUHFKRV" ([LVWHXQSHUOGHPXMHUYtFWLPDGHYLROHQFLD
 %5
F(QODSiJLQDGHOD6HFUHWDUtDGH(VWDGRGH,JXDOGDGVHSXHGHHQFRQWUDUHOSHUOHVWDGtVWLFRGHODVPXMHUHVTXHKDQOODPDGRDO
5+
 4
3
.
 

!

B)



 & 9 

 

  
 

 
  
6 

 

  
   

 #




(67$'2&,9,/

'85$&,1'(/$5(/$&,1
&21(/$*5(625

10(52'(+,-26

*5832'(('$'

F 

5H

6ROWHUD

9H

%   
 - 44H



3DUHMDGHKHFKR

4H

$
 





5H

6HSDUDGD

KH

3


4H

$" 

;H

3HQVLRQLVWD

;H


  5 &

9H

G(
 &

5H


5   &

H


   &

8H

 &  


8H

J

48H

$

H


  (

H

6LQKLMRV

9H

$
8   &

8H

$
  4 &

;H

G(
5 &

H

$
4  5 &

H

G


8 &

KH

6,78$&,1/$%25$/

%   
 - ;H

 


*3F,A*3,$3$ $ 3
9&7,0$

*3F,A*3,$3$ $
$*5(625

H

 

H

&

9;H

3)

;H

A 




4H

IULFD

H

3  

H

&

9;H

A 




5H

3)

H

IULFD

H

3  

5H

1 ,    
  '  

 

 ( 

    
   ;:
1  %

 #
( '
  "

)
   
   "  #
 

 %
1  .
 
. 
 
 


 
 

 
  )

 
2%

1  

 


  %

 

5 &  #
 

 %
1 
 '
 

  %


2%
 
    

 (QGHQLWLYD&UHHVTXHH[LVWHXQSHUOWtSLFRGHPXMHUYtFWLPDGHYLROHQFLDGHJpQHURRDIHFWDDGLVWLQWRVJUXSRVGHHGDGVLWXDFLyQFLYLOHWF"
1 =>)  
 
  
 #

     "
"

)
?

=4

?  6

A
 

: $1&$! "
1A

*!
7 

,! 

#>&1!? "
0


  

0

7  

0

  

04

   
%#
    

?92A!$/!/D%B<!/J:%/




< & 


<< &  
      
   "
          
9  
    ORVSRGHPRVFODVLFDUVHJ~QODIRUPDGHSDJR\GHFiOFXOR

6HJ~QOD
IRUPDGHSDJR

6DODULRHQ 
VHSDJDHQPRQHGDOHJDO3XHGHVHUHQPHWiOLFRSRUWUDQVIHUHQFLDEDQFDULDR
SRUWDOyQEDQFDULR
6DODULRHQVHSDJDHQSURGXFWRVGLVWLQWRVDOGLQHUR3XHGHVHUODSXHVWDDGLVSRVLFLyQGHO
WUDEDMDGRUGHXQDYLYLHQGDRGHXQYHKtFXORODDSRUWDFLyQDXQSODQGHSHQVLRQHVHWF(OVDODULRHQ
HVSHFLHQRSXHGHVHUPD\RUGHOGHOWRWDOGHUHWULEXFLRQHVTXHUHFLEDHOWUDEDMDGRU

6HJ~QOD
IRUPDGHFiOFXOR

6DODULRSRU (
  VHSDJDWDQWRDOGtDDOPHVRDODKRUDFRQLQGHSHQGHQFLDGHOD
FDQWLGDGGHWUDEDMRUHDOL]DGRGXUDQWHHVHWLHPSR
6DODULRSRU(
  VHSDJDVHJ~QODFDQWLGDGGHWUDEDMRUHDOL]DGRDGTXLHUHODIRUPDGH
FRPLVLRQHVRGHLQFHQWLYRVSRUSURGXFFLyQ
6DODULR XXQDSDUWHHQWLHPSR\RWUDHQREUDSRUHMHPSORXQDSDUWHMDDOPHV\RWUDVHJ~Q
LQFHQWLYRV

: 2 
-XDQ*XWLpUUH]UPDXQFRQWUDWRGHWUDEDMRSRUHOTXHDFHSWDGHVSOD]DUVHD0XUFLDDSRQHUHQPDUFKDXQDQXHYDRFLQDGHODHPSUHVD
7ROGRV9HUGHV6/(QVXVUHWULEXFLRQHVVHHVWDEOHFHTXHJDQDUiGHVDODULRHQGLQHURDOPHV\DGHPiVODHPSUHVDSRQGUiDVX
GLVSRVLFLyQXQDYLYLHQGDGHDOTXLOHUSRUDOPHVODFXDOSDJDUiODHPSUHVDFRPRVDODULRHQHVSHFLH6REUHSDVDHOVDODULRHQHVSHFLH
HOWRSHGHOGHOWRWDOGHUHWULEXFLRQHV""(

1RSXHVHOVDODULRHQHVSHFLHHVGHOVREUHHOWRWDOGHODVSHUFHSFLRQHV\QROOHJDDO
&RPRJDQDHQHVSHFLH\HQWRWDOSHUFLEH DOGLYLGLU 

<< -%  

=@

3DJR

(OSDJRGHOVDODULRVHUHDOL]DUiGH+ (
(HQOD+  (% 

RHQVX
GHIHFWRVHJ~QORVXVRV\FRVWXPEUHV
/RVWUDEDMDGRUHVWLHQHQGHUHFKRD  
 DFXHQWDSRUODSDUWHGHOWUDEDMRTXH\DKDQ
UHDOL]DGR
  
 %GDQGHUHFKRDOWUDEDMDGRUDUHFLELUXQRV 
  G 
(
VREUHHVDVFDQWLGDGHV6HJ~QOD-XULVSUXGHQFLDGHEHQGDUVHUHWUDVRVHQHOSDJRGHPHVHVSDUD
TXHHOWUDEDMDGRUSXHGDH[WLQJXLUHOFRQWUDWRSRUFDXVDMXVWD(VWHDVSHFWRVHYHUiHQHOWHPDVREUH
H[WLQFLyQGHOFRQWUDWR

5HFLER
GHVDODULRV

(OSDJRGHOVDODULRVHGRFXPHQWDFRQXQ  GRQGHTXHGDQUHHMDGDVFODUDPHQWH
ODVSHUFHSFLRQHVTXHUHFLEHHOWUDEDMDGRUDVtFRPRODVGHGXFFLRQHVSRUVHJXULGDGVRFLDO\SRU+DFLHQGDTXHUHDOL]DODHPSUHVDVREUHODQyPLQD
([LVWHXQ     MDGRSRUODOH\VLQHPEDUJRHVSRVLEOHTXHSRUFRQYHQLRFROHFWLYRRSRUSDFWRHQWUHODHPSUHVD\ORVUHSUHVHQWDQWHVVHMHRWURPRGHORGHUHFLERGH
VDODULRVGRQGHTXHGHQVLHPSUHUHHMDGDVODVUHWULEXFLRQHV\ODVGHGXFFLRQHV

?92A!$/!/D%B<!/J:%/




<< C:     F


)LMDFLyQGHO
VDODULR

(/6$/$5,201,02,17(5352)(6,21$/
(/6$/$5,2'(/&219(1,2&2/(&7,92
(/6$/$5,2'(/&2175$72'(75$%$-2
02',),&$&,1'(/6$/$5,2

'H &  ,


 
+
 Y")!H
   
TXHMDWRGRVORVDxRVHO*RELHUQR   
"
  #  
(VWHVDODULRREHGHFHDTXHOD:
(
HVWDEOHFHHOGHUHFKRGHWRGRVORVWUDEDMDGRUHVDWHQHUXQD
UHPXQHUDFLyQVXFLHQWHSDUDFXEULUVXVQHFHVLGDGHV\ODVGHVXIDPLOLD
(VMDGRWRGRVORVDxRVSRUHO J
SUHYLDFRQVXOWDFRQORVVLQGLFDWRV\DVRFLDFLRQHVHPSUHVDULDOHVWHQLHQGRHQFXHQWDLQGLFDGRUHVHFRQyPLFRVWDOHVFRPRHOQGLGHGH3UHFLRVDO&RQVXPR ,3& OD
SURGXFWLYLGDGQDFLRQDORODVLWXDFLyQHFRQyPLFD

C"'#D'" E;&<<<F

(O 60, SDUD HO DxR  KD


VLGR GH  DO PHV
HTXLYDOHQWHVDDOGtD
VLHPSUHWRPDQGRXQDMRUQDGD
DWLHPSRFRPSOHWR

#H &   



 
/RVFRQYHQLRVFROHFWLYRVVRQORVTXHUHFRJHQHOVDODULRPtQLPRDQWHULRU\ 
 ((
 (QFRQFUHWRMDQ

A

 
 
8Q SRUFDGDFDWHJRUtDRJUXSRSURIHVLRQDOHOFXDOYLHQHDPHMRUDUHO60, FRPRPXFKR
ORSXHGHPDQWHQHUSHURQXQFDVHULQIHULRUDO60, 
 
   (FRQFUHWRVTXHUHFLELUiQWRGRVORVWUDEDMDGRUHVGHHVH
FRQYHQLRDVtFRPRODFXDQWtDGHFDGDSOXV
 
 XRSOXVHVFRQFUHWRVTXHYLHQHQDFRPSHQVDUJDVWRVTXHWLHQHQORVWUDEDMDGRUHVSRUUHDOL]DUHOWUDEDMRDVtFRPRVXFXDQWtD
 % XVXFXDQWtDFXiQGRVHFREUDQ\VLKD\PiVGHSDJDVDODxRTXHVRQODVPtQLPDVTXHVHxDODODOH\SDUDWRGRVORVWUDEDMDGRUHV
(QGHQLWLYDHO

  %(SRUFDGDFDWHJRUtDRJUXSRSURIHVLRQDO  
   (TXHGHEHQFREUDUWRGRVORVWUDEDMDGRUHVDORVTXHVHOHVDSOLFDHVHFRQYHQLR

#;":' &$
1; : $?&$!

%XVFD HQ WX FRQYHQLR FyPR


UHJXODODHVWUXFWXUDGHOVDODULR
 4XpVDODULREDVHHVWDEOHFH
SDUD XQD FDWHJRUtD SURIHVLRQDO DFRUGH D WX FLFOR
IRUPDWLYR
 &yPRVHOODPDQORVSOXVHV
RFRPSOHPHQWRVVDODULDOHV
\H[WUDVDODULDOHVTXHMDHO
FRQYHQLR

:H &   


  9
(QXQWHUFHUQLYHOHVSRVLEOH  
 
  9 (
 9   
 

6HWUDWDSXHVGHXQDPHMRUDGHOFRQWUDWRSDUDHVHWUDEDMDGRU

: 2 
0DULQJHOHVHVXQDDGPLQLVWUDWLYDTXHOOHYDPXFKRVDxRVHQODHPSUHVD\DVXPHWRGDVODVUHVSRQVDELOLGDGHVHQODJHVWLyQGHODVQyPLQDV
GHODPLVPD3RUHOORODHPSUHVD\DGHVGHKDFHXQRVDxRVGHFLGLySDJDUOHPiVTXHORPtQLPRMDGRHQHOFRQYHQLRFRQXQVXHOGRGH
DOPHVFXDQGRHOFRQYHQLRMD(VWHDxRHOFRQYHQLRKDUHDOL]DGRXQDVXELGDGHOGHOVDODULRGHMiQGRORHQ0DULQJHOHV
YHTXHDVXVFRPSDxHUDVOHKDQVXELGRHOVXHOGRHQ\VHSUHJXQWDVLQRGHEHUtDQVXELUOHDHOODWDPELpQHVDFDQWLGDG
"(

0DULQJHOHV\DYLHQHGLVIUXWDQGRGHXQDPHMRUDHQHOVDODULRUHVSHFWRDOFRQYHQLRFRQORTXHODVVXELGDVHQHOFRQYHQLRQROHDIHFWDQ\D
TXHODFDQWLGDGPtQLPDVLJXHVLHQGRLQIHULRUDORVTXHHOODJDQD3RUORWDQWRQRVHOHDSOLFDUiQLQJXQDVXELGDVDODULDOVDOYR
TXHODHPSUHVDGHFLGLHVHYROXQWDULDPHQWHVXELUOHHOVDODULR

=3

?92A!$/!/D%B<!/J:%/




' 0RGLFDFLyQGHOVDODULRGHOFRQYHQLR\GHOFRQWUDWR
/DUHIRUPDODERUDOGHFRQODQDOLGDGGHIRPHQWDUOD H[LELOLGDGLQWHUQDHQODVHPSUHVDVKDLQWURGXFLGRODSRVLELOLGDGGHTXH 
PRGLTXHQODVFRQGLFLRQHVVDODULDOHVMDGDVWDQWRHQHOFRQYHQLRFROHFWLYRFRPRHQHOFRQWUDWRGHWUDEDMR
0RGLFDFLyQGHOVDODULRGHOFRQYHQLRFROHFWLYR
/DVHPSUHVDVSRGUiQPRGLFDUODHVWUXFWXUDGHOVDODULRTXHMDHOFRQYHQLR TXpSOXVHVFRQFUHWRVVHFREUDQ ,   (
0
,GHORVPLVPRV
3DUDHOORVHEXVFDUiHO (FRQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVDVtFRPRTXHH[LVWDQXQDV ( 9TXHORMXVWLTXHQWDOHVFRPRWHQHUXQD
(

 
GXUDQWH   
((QFDVRGHGHVDFXHUGRORVUHSUHVHQWDQWHVGHEHUiQDFXGLUDODFRPLVLyQSDULWDULDGHOFRQYHQLR\HQFDVRGHTXHFRQWLQ~HKDELHQGRGHVDFXHUGRDRWUDQDFLRQDO OD&RPLVLyQ1DFLRQDO
&RQVXOWLYDGH&RQYHQLRV&ROHFWLYRV ODFXDOGHVLJQDUiXQiUELWUR
(QODVHPSUHVDVVHSXHGH (


  HOFXDO
 VREUHHOFRQYHQLRFROHFWLYRGHOVHFWRUSXGLHQGR
HVWDEOHFHUXQD(
,       
  

15
HVSRVLEOHXWLOL]DUODV2((  (%( ODVFXDOHVSXHGHQXWLOL]DUODVHPSUHVDVHQFRQGLFLRQHVGHSpUGLGDV
HFRQyPLFDVFRQHOQGHQRUHDOL]DUODVXELGDVDODULDOTXHMDHOFRQYHQLRFROHFWLYRGHOVHFWRU(VWDVFOiXVXODV\DH[LVWtDQDQWHVGHODUHIRUPD
0RGLFDFLyQGHOVDODULRGHOFRQWUDWRGHWUDEDMR
/DVHPSUHVDVSRGUiQ PRGLFDUODFXDQWtDGHOVDODULRSDFWDGRHQHOFRQWUDWRGHWUDEDMRDVtFRPRGHODVPHMRUDVYROXQWDULDVTXH
RIUHFtDDWRGRVORVWUDEDMDGRUHVGHODHPSUHVD
6HWUDWDGHXQDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRGRQGHHOWUDEDMDGRUWHQGUiGHUHFKRDH[WLQJXLUHOFRQWUDWRFRQXQDLQGHPQL]DFLyQ
GHGtDVSRUDxRWUDEDMDGR(VWHSXQWRVHYHUiHQHOWHPDVLJXLHQWH

<  %


,  
'H & "<)<!<
  %
1RVHOHSXHGH%  


 DOWUDEDMDGRUODFXDQWtDGHO60, SDUD VDOYRHQHOFDVRGHTXHVHGHEDQSHQVLRQHVSRUDOLPHQWRVDKLMRV\DOFyQ\XJH(OUHVWRGHOVDODULRGHOWUDEDMDGRUVLHVHPEDUJDEOHHQIXQFLyQGHODWDEODTXHMDHODUWtFXORGHODOH\
GHHQMXLFLDPLHQWRFLYLO SRUHMHPSORGHORVVLJXLHQWHVVHOHSXHGHHPEDUJDUHO 

#H &   5 %


6LODHPSUHVDWLHQHGHXGDVFRQGLVWLQWRVDFUHHGRUHVORV9 
2
+
 DODKRUDGH
/RVVDODULRVGHORV7  ,WLHQHQSUHIHUHQFLDVREUHFXDOTXLHURWURFUpGLWR FRQHOOtPLWHGHOGREOHGHO60,SRUGtD 
&XDQGRVH

 9HODERUDGRVSRUORVWUDEDMDGRUHVORVEHQHFLRVVHGHVWLQDUiQDSDJDUORVVDODULRVSHQGLHQWHV
(O  TXHVHGHEDQWHQGUiQSUHIHUHQFLDVREUHFXDOTXLHURWURFUpGLWRRGHXGDTXHWHQJDODHPSUHVDVDOYRDTXHOODVGHXGDVTXH
WHQJDQXQDKLSRWHFD RHQSUHQGD TXHLUiQDQWHV(OOtPLWHDFREUDUHVHOWULSOHGHO60,GtD

:H &  J'"' Y


  J
, "H
6HWUDWDGHXQRUJDQLVPRTXHGHSHQGHGHO0LQLVWHULRGH(PSOHRHOFXDOVHHQFDUJDGH % (
 +
GHODVHPSUHVDVSDUDTXH
HQHOFDVRGHTXHDOJXQDGHHOODVVHDLQVROYHQWH ( %   915
WLHQHODIXQFLyQGHSDJDUDODVSHTXHxDV
HPSUHVDVGH
  =  9XQDSDUWHGHODLQGHPQL]DFLyQSRUGHVSLGR
D        

 
 
    
6HWUDWDGHXQDUHVSRQVDELOLGDG (VLJQLFDTXH   

WRGRVORVELHQHVGHODHPSUHVD\VLDXQDVtQRSXHGHQ
FREUDUORVWUDEDMDGRUHVVHDFXGHDO)2*$6$SDUDTXHSDJXH
3RU
 %HOPi[LPRTXHSDJDHVGH , PHVHV FRQHOOtPLWHGHOGREOHGHO60,DOGtD
3RU

L
  
 %HO2XTXHSDJDHVGH ,  HQGHVSLGRLPSURFHGHQWH   ,
HQSURFHGHQWHKDVWDHOWRSHGHGtDV\VLHPSUHFRQHOOtPLWHGHOGREOHGHO60,DOGtD
5HVSRQVDELOLGDGGLUHFWDHQFDVRGHHPSUHVDVGHPHQRVGHWUDEDMDGRUHV
3DJDUiGLUHFWDPHQWHDODHPSUHVDVHDLQVROYHQWHRQR @ ,     

L
   
SRU
FDXVDVREMHWLYDVFROHFWLYRV\GHIXHU]DPD\RU6LJQLFDTXHGHORVGtDVGHLQGHPQL]DFLyQSRUGHVSLGRTXHSDJDODHPSUHVDDOWUDEDMDGRU
HO)2*$6$OHGHYXHOYHGtDVDHVWDVHPSUHVDVSHURVRORVLHOGHVSLGRHVSURFHGHQWH KD\PRWLYRV 

4

?92A!$/!/D%B<!/J:%/




: 2 
6$/$5,2(0%$5*$%/(
*RQ]DORWLHQHXQDVHULHGHGHXGDVTXHQRKDSDJDGR\HVGHPDQGDGRDQWHHOMX]JDGR/DVHQWHQFLDHVWDEOHFHTXHVHOHHPEDUJDUiOD
QyPLQDFRQORVOtPLWHVTXHMHODOH\6XVDODULRHVGH&DOFXODTXpFDQWLGDGHVHPEDUJDEOH
"(

3RUHOSULPHUWUDPRGH60,  QLQJXQDFDQWLGDG  


3RUHOVHJXQGRWUDPRGH60, ORVVLJXLHQWHV HO 
3RUHOWHUFHUWUDPR KDVWDOOHJDUDORVTXHJDQDVHUtDQORVUHVWDQWHV HO 
(OWRWDOHPEDUJDEOHVHUtD 

: 2 6
)2*$6$
&ULVWLQD\1DWLYLGDGKDQVLGRGHVSHGLGDVGHODHPSUHVDSXHVpVWDYDDFHUUDUSRUSpUGLGDVHFRQyPLFDV$ODVWUDEDMDGRUDVOHVGHEHQ
PHVHVGHQyPLQDPiVODLQGHPQL]DFLyQSRUGHVSLGRGHGtDVSRUDxR(OVDODULRTXHJDQDEDQDOPHVHUDGH DOGtD \WHQtDQ
XQDDQWLJHGDGGHDxRV8QDYH]VHSURGXFHODYHQWDGHODHPSUHVDODVWUDEDMDGRUDVORJUDQFREUDUXQPHVGHVDODULRSHURVHOHVGHEH
WRGRORGHPiV4XpFDQWLGDGSRGUiQUHFODPDUDO)2*$6$"
"(

D 3RUVDODULRVSRGUiQUHFODPDUXQPi[LPRGHGtDVFRQXQVDODULRGtDPi[LPRGHOGREOHGHO60,LQFOXLGDVODVSDJDVH[WUDV
0i[LPRVDODULRGtD [ SDJDH[WUDGtD  [   GtDPi[LPR
&RPROHVGHEHQGtDVGHVDODULR\VXVDODULRGtDHVGHDOGtDHVWiQHQORVOtPLWHV\FREUDUiQWRGRORSHQGLHQWHGtDV[
GtD SRUVDODULRVSHQGLHQWHV
E 3RULQGHPQL]DFLRQHVSRUGHVSLGRSRGUiQUHFODPDUXQPi[LPRGHGtDVFRQXQVDODULRGtDPi[LPRGHOGREOHGHO60,FRQSDJDV
H[WUDV  &RPROHVGHEHQGtDVSRUDxR[DxRVGHDQWLJHGDGVRQGtDVGHLQGHPQL]DFLyQHVWiHQHOOtPLWHGHGtDV
&REUDUiQHOWRWDOGHODLQGHPQL]DFLyQSHQGLHQWHGtDV[GtD 

< 


<< &((  


   (


 

A8 
#
  
   
9

9  
!7 

 

&  8 


=  

'RQGHVHHVSHFLFDQORVGHODHPSUHVD\GHOWUDEDMDGRU
'HO 
 ,TXHVHYDQDFREUDU
6RQODVFDQWLGDGHVTXHVHFREUDQSRUHO 9 
N(O VLQGHVFRQWDUODVHJXULGDGVRFLDORODUHWHQFLyQ
GHKDFLHQGD 
/RVGHYHQJRVVHFODVLFDQHQSHUFHSFLRQHVVDODULDOHV\QRVDODULDOHV
$ORVGHYHQJRVRVDODULREUXWRHOHPSUHVDULRGHEHUHDOL]DUXQDVHULHGH (
 


6H
WUDWDGHODGHGXFFLyQSRU%(  GHOWUDEDMDGRUSRUODUHWHQFLyQGHA
  !.-RHQVX
FDVRGHORVDQWLFLSRVTXH\DKD\DFREUDGRRVLKDFREUDGRVDODULRVHQSURGXFWRVHQHVSHFLH
  HQWUHORVGHYHQJRV\ODVGHGXFFLRQHVTXHVHKDFHQGHODQyPLQD7DPELpQVHOODPD 
N
O6HUPDSRUODHPSUHVD\HOUHFLEtGHOWUDEDMDGRU
 %DODVHJXULGDGVRFLDO\+DFLHQGDVHUHDOL]DQQRVREUHORVGHYHQJRVRVDODULREUXWRVLQR
 
OODPDGDVEDVHVGHFRWL]DFLyQ\EDVHVXMHWDDUHWHQFLyQGH,53)

4

?92A!$/!/D%B<!/J:%/




&

19



$!

1$OLDFLyQ6HJXULGDG6RFLDO

&DWHJRUtD3URIHVLRQDO

J(  :L

:!

&&&6HJXULGDG6RFLDO

-  *(
 

$M  ),(

$M,VA

!< &?&$J "

< -
 
R 

F

 


D
2 
*UDWLFDFLRQHVH[WUDRUGLQDULDV
6DODULRHQHVSHFLH
< -

 
6XSOLGRVHLQGHPQL]DFLRQHVSRUJDVWRV

3UHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO
,QGHPQL]DFLRQHVSRUWUDVODGRVVXVSHQVLRQHVRGHVSLGRV
2WUDVRSHUDFLRQHVQRVDODULDOHV
'01 1' &?&$J'

!!< &;::! $&"

$SRUWDFLRQHVGHOWUDEDMDGRUDODVFRWL]DFLRQHVGHOD6HJXULGDG6RFLDO\FRQFHSWRVGHUHFDXGDFLyQFRQMXQWD
&RQWLQJHQFLDVFRPXQHV
$




)RUPDFLyQSURIHVLRQDO
D
2 
+RUDVH[WUDRUGLQDULDVSRUIXHU]DPD\RU
A3 3 A@3F,A*R
,PSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDV
$QWLFLSRV
9DORUGHSURGXFWRVUHFLELGRVHQHVSHFLH
2WUDVGHGXFFLRQHV
#0 1 1' ' &;:!.









"    .&:!#D

DE;! 1 1' ' -&.:!#!. Y'0#H






<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<  <<<<<<<<<<<<<<  <<<<<<<<<<<<<<<<<<<<  <<<<<<<<<<<<<<<<<

$@G,*3F,X* $ 3R 73RR $ FA,Y3F,X* 3 3 RBJ@,$3$ RAF,3 C FA*F AR $ @F3J$3F,X* FA*MJ*3 C $ 3 73R
RJM3 3 @*F,X* $ ,@
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVFRPXQHV %&&&
5HPXQHUDFLyQPHQVXDO
3URUUDWDGHSDJDVH[WUDRUGLQDULDV
 7FFF:
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVSURIHVLRQDOHV $7\(3 \FRQFHSWRVGH
UHFDXGDFLyQFRQMXQWD GHVHPSOHRIRUPDFLyQSURIHVLRQDO\)RQGRGH*DUDQWtD6DODULDO
%DVHGHFRWL]DFLyQDGLFLRQDOSRUKRUDVH[WUDRUGLQDULDV
%DVHVXMHWDDUHWHQFLyQGHO,53)

4

?92A!$/!/D%B<!/J:%/




<< &  ( Y


%H
'H " 
7RGRVORVWUDEDMDGRUHVGHEHQFREUDUXQVDODULREDVH 
+(

 ( %, +
 TXH
PDUTXHHOFRQYHQLR(OVDODULREDVHQXQFDVHUiLQIHULRUDO6DODULR0tQLPR,QWHUSURIHVLRQDOSRUXQDMRUQDGD
DWLHPSRFRPSOHWR

#H :
 
/RVFRPSOHPHQWRVVDODULDOHVRSOXVHVVRQDTXHOORVTXH 
  (VODOH\\VREUH
WRGRHOFRQYHQLRHOTXHGHFLGHTXpSOXVHVHQFRQFUHWRYDQDFREUDUORVWUDEDMDGRUHVDFRJLGRVDHVH
FRQYHQLR/RV 
  

&RPSOHPHQWRV
VDODULDOHV

#;":' &$
1; : $?&$!

$QWHULRUPHQWH KDV EXVFDGR


HQWXFRQYHQLRTXpFDQWLGDG
MDGHVDODULREDVHHVWDEOHFH
\TXpFRPSOHPHQWRVRSOXVHV
DxDGH
,QGLFD DKRUD FyPR VH FDOFXODQFDGDXQRGHORVFRPSOHPHQWRVVDODULDOHV\H[WUDVDODULDOHVTXHHVWDEOH]FDWX
FRQYHQLR

:
 
6RQDTXHOORVYLQFXODGRVDORV 

  X


WUDEDMDGRUFRPRSXHGHQVHUDQWLJHGDGSOXVGHLGLRPDVSRUSRVHVLyQGHWtWXORVHVSHFLDOHVHWF
:
   (  96RQORVYLQFXODGRVDO ( 

GHOWUDEDMDGRUORVPiVKDELWXDOHVVRQHOSOXVGHSHOLJURVLGDGSOXVGHWR[LFLGDGSOXVGHQRFWXUQLGDGSOXVGH
WXUQLFLGDGSOXVGHDWHQFLyQDOS~EOLFRSOXVGHFRQYHQLRHQIXQFLyQGHODFDWHJRUtDSURIHVLRQDOHWF
:
  
    96RQORVDVRFLDGRVDO

  0
9LQFHQWLYRVSULPDVFRPLVLRQHVSOXVGHDVLVWHQFLD\SXQWXDOLGDGKRUDVH[WUDRUGLQDULDVHWF
:
  

 (  
% X\VLORHVWDEOHFHHOFRQYHQLRGHODSDJDGHEHQHFLRV
6HWUDWDGHODV

 % X  SRUYDORUPtQLPRGHOVDODULREDVH
7RGRVORVWUDEDMDGRUHVWLHQHQGHUHFKRD

&DEHODSRVLELOLGDGGHTXHHOFRQYHQLRHVWDEOH]FDTXHVHSDJXHODSDUWHSURSRUFLRQDOGHODVSDJDV
H[WUDVWRGRVORVPHVHV % X  

SDJDGHEHQHFLRVSXHGHWUDWDUVHGHXQVREUHORVEHQHFLRVRELHQGHXQDFDQWLGDGMDODFXDO
HVKDELWXDOTXHORVFRQYHQLRVSDJXHQHQHOPHVGHPDU]R SRUHOORVHVHVXHOHOODPDU%  L 

:H :
 X
/RVFRPSOHPHQWRVH[WUDVDODULDOHVYLHQHQSULQFLSDOPHQWHD 
 %  9SRU
PRWLYRVGHOWUDEDMR$OLJXDOTXHORVFRPSOHPHQWRVVDODULDOHVDTXHOORVTXHHQFRQFUHWRYD\DDFREUDUHO
WUDEDMDGRUVHHVWDEOHFHQSRUOH\\HVSHFLDOPHQWHHQHOFRQYHQLR 15
WLHQHQODFRQVLGHUDFLyQGH
X ORVSDJRVHQVLWXDFLyQGHEDMDODERUDORODVLQGHPQL]DFLRQHVTXHUHFLEHHOWUDEDMDGRU
DVtFRPRODDFFLyQVRFLDOGHODHPSUHVD

&RPSOHPHQWRV
H[WUDVDODULDOHV

-(  
 (
SRUHOGHVSOD]DPLHQWRHQWUDQVSRUWHS~EOLFRDOWUDEDMR
-(  
FXDQGRHOFHQWURGHWUDEDMRVHHQFXHQWUDDXQDGHWHUPLQDGDGLVWDQFLDGHODORFDOLGDGGHVXUHVLGHQFLD\GHEHDFXGLUVLQWUDQVSRUWHIDFLOLWDGRSRUODHPSUHVD
  9SDUDFRPSHQVDUORVJDVWRVUHDOL]DGRVHQFRPLGDVRSRUGRUPLUIXHUDGHVXUHVLGHQFLD
SRUPRWLYRVGHOWUDEDMR

 T9SDUDFRPSHQVDUORVJDVWRVHQJDVROLQDDXWRSLVWDV\XWLOL]DFLyQGHYHKtFXORSURSLRHQHOGHVSOD]DPLHQWRDRWUROXJDUIXHUDGHVXFHQWURGHWUDEDMR
.  9 %  
SDUDFRPSHQVDUORVJDVWRVSRUODFRPSUDGHSUHQGDVGHWUDEDMRRGHKHUUDPLHQWDVSRUHOSURSLRWUDEDMDGRU
E(
  
VHSHUFLEHSDUDFRPSHQVDUHUURUHVHQHOPDQHMRGHGLQHURHIHFWLYRFRPR
SXHGHVHUHOFDVRGHODVSHUVRQDVTXHVHGHGLFDQDOFREURHQODFDMD

4

?92A!$/!/D%B<!/J:%/




: 2 =
(-(03/2&/&8/2'(6$/$5,2%5872
&DOFXODHOVDODULREUXWRUHOOHQDQGRODKRMDGHUHFLERGHVDODULRV
8QVDODULREDVHGHDOPHV
8QSOXVGHFRQYHQLRGH
5HDOL]DKRUDVH[WUDVSRUYDORUGHHQHVHPHV
/DSDJDH[WUDHVWiSURUUDWHDGDDOPHV\HOYDORUGHXQDHQWHUDHVXQVDODULREDVH  
5HFLEHSOXVGHWUDQVSRUWHGH
3RUGLHWDVKDUHFLELGRSRUFRPHUIXHUDGtDV
"(

!< &?&$J "


< -
 

6DODULREDVH 




&RPSOHPHQWRVVDODULDOHV

3OXVGHFRQYHQLR



+RUDVH[WUDRUGLQDULDV 



*UDWLFDFLRQHVH[WUDRUGLQDULDV 


6DODULRVHQHVSHFLH
< -

 
6XSOLGRVHLQGHPQL]DFLRQHVSRUJDVWRV

3OXVGHWUDQVSRUWH




'LHWDV 




3UHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO
,QGHPQL]DFLRQHVSRUWUDVODGRVVXVSHQVLRQHVRGHVSLGRV
2WUDVRSHUDFLRQHVQRVDODULDOHV



























































'01 1' &?&$J'

<=6R

<< (

(OHPSUHVDULRHVWiREOLJDGRDUHDOL]DU (
 


  9ODFDQWLGDG
TXHDSRUWDHOWUDEDMDGRUDODVHJXULGDGVRFLDO\RWUDFDQWLGDGUHWHQLGDSDUD+DFLHQGD(VWDVFDQWLGDGHV
TXHUHVWDGHODQyPLQD  
%  HQOD7HVRUHUtD*HQHUDOGHOD6HJXULGDG
6RFLDODOPHVVLJXLHQWHDVtFRPRODUHWHQFLyQGH+DFLHQGDFDGDPHVHVHQOD'HOHJDFLyQGH+DFLHQGD

'H (
  %( 
", 2 +2 FDOFXODUODFXRWDGHVHJXULGDGVRFLDOTXHSDJDHOWUDEDMDGRUVLDORTXHJDQDHOWUDEDMD-

GRU GHYHQJRVRVDODULREUXWR OHDSOLFiVHPRVXQ\VHLQJUHVDVHHQOD6HJXULGDG6RFLDO6LQHPEDUJR


YHUHPRVTXHORVFiOFXORVVRQ% 2 9
(QSULPHUOXJDUWRGRORTXHJDQDHOWUDEDMDGRUQRFRWL]DDODVHJXULGDGVRFLDOFRQORTXHKD\TXHGHWHUPLQDUTXpFDQWLGDGGHODQyPLQDHVODTXHFRWL]DUHDOPHQWH(VDFDQWLGDGSRUODTXHVHFRWL]D

 #  :L
3HURDGHPiVYHUHPRVTXHQRKD\XQDVROD%DVHGH&RWL]DFLyQVLQR
TXH  
(QVHJXQGROXJDU
  (
  G  VREUHOD%DVHGH&RWL]DFLyQVLQRTXH
 0
 G\DTXHDGHPiVGHODFRWL]DFLyQJHQHUDOSRUWHQHUGHUHFKRDODVSUHVWDFLRQHVGHODVHJXULGDG
VRFLDO5
 LSDUDODSUHVWDFLyQGHRSDUDORVFXUVRVGH
-+0

SDUDHOHPSOHRSDUDFXDQGRVHHVWiHQSDUR
(QGHQLWLYDWHQHPRVYDULDV%DVHVGH&RWL]DFLyQ\YDULRVDDSOLFDUVREUHHVDVEDVHV

46

?92A!$/!/D%B<!/J:%/




H  #  :L

3DUDFDOFXODUODV%DVHVGH&RWL]DFLyQGHEHPRV    


%RVDODULREUXWRTXHJDQDHO
WUDEDMDGRUH LUGHWHUPLQDQGRTXpHVORTXHFRWL]D\ORTXHQRFRWL]D3DUDHOORWHQGUHPRVHQ
FXHQWDORVLJXLHQWH
(O   
 FRWL]DQDODVHJXULGDGVRFLDO
 % X
FRQLQGHSHQGHQFLDGHTXHVHFREUHQGRVYHFHVDODxRRVHFREUHQGH
IRUPDSURUUDWHDGDWRGRVORVPHVHVVLHPSUHFRWL]DQWRGRVORVPHVHVVHFRWL]DGHPDQHUDSURUUDWHDGD
SRUV4   % X  VLHVVDODULRPHV
  X
FRWL]DQ %(
 #GH&RWL]DFLyQ\SDUDRWUDVQR/RYHUHPRV
PiVDGHODQWH
 
 XQRFRWL]DQDOJXQRV\RWURVFRWL]DQXQDSDUWH
   8
  
1RFRWL]DKDVWDHOGHO,35(0HQVXFRQMXQWR
3OXVGHWUDQVSRUWH\GHGLVWDQFLD
(OH[FHVRVLFRWL]D KDVWDGHVDUUROORUHJODPHQWDULR 
6HJ~QIDFWXUD
7RWDOGHOLPSRUWH
/RFRPRFLyQRNLORPHWUDMH
6LQIDFWXUD
NP
(VWDQFLD GRUPLUKRWHO
/RVLPSRUWHVTXHVHMXVWLTXHQ
0i[LPRGtD VLSHUQRFWD
'LHWDV
0DQXWHQFLyQ FRPHU
0i[LPRGtD QRSHUQRFWD
'HVGHMXOLRGHFRWL]DHOH[FHVRGHODFDQWLGDGOHJDOTXH
,QGHPQL]DFLRQHVSRUGHVSLGRV
MHHO(VWDWXWRSRUGHVSLGRLPSURFHGHQWH
,QGHPQL]DFLRQHVSRUWUDVODGRV 'HVGHMXOLRGHFRWL]DHOH[FHVRGHODFDQWLGDGTXHMHHO
IDOOHFLPLHQWRV\VXVSHQVLRQHV
FRQYHQLR
3UHVWDFLRQHVVHJXULGDGVRFLDO

7RWDOGHOLPSRUWH

/DVPHMRUDV\DVLJQDFLRQHV
1RFRWL]DUiVHJ~QORTXHVHGHWHUPLQHSRUUHJODPHQWRSURFXDVLVWHQFLDOHVFRQFHGLGDVYROXQWD- UDQGRODPD\RUKRPRJHQHLGDGFRQODQRUPDWLYDWULEXWDULD +DULDPHQWHSRUODVHPSUHVDV
FLHQGD 
1RWDTXHGDSHQGLHQWHGHGHVDUUROORUHJODPHQWDULRHVWDEOHFHUXQWRSHGHFRWL]DFLyQFRQMXQWRSDUDWRGRVORVFRPSOHPHQWRVH[WUDVDODULDOHVDVtFRPRUHIRUPDUODFRWL]DFLyQSRUSOXVGHWUDQVSRUWH\SOXVGH
GLVWDQFLDSDUDTXHFRWLFHQFRPSOHWDPHQWH

C"'#D'" E;&<<<F

(O ,35(0 tQGLFH GH SUHFLRV


GH UHIHUHQFLD GH HIHFWRV
P~OWLSOHV HVXQLQGLFDGRUGH
SUHFLRV TXH VH XWLOL]D HQ OD
VHJXULGDG VRFLDO \ HQ HO FiOFXOR GHO GHVHPSOHR HQ OXJDU
GHXWLOL]DUHO60,
3DUDHODxRVXYDORUKD
VLGR GH  \ HO 
HTXLYDOHD

C"'#D'" E;&<<<F

&RQ OD 5HIRUPD GH MXOLR GH


 Vt TXH FRWL]DQ HO GHVJDVWH GH ~WLOHV \ KHUUDPLHQWDVODDGTXLVLFLyQGHSUHQGDV
GH WUDEDMR HO TXHEUDQWR GH
PRQHGD ODV SHUFHSFLRQHV
SRU PDWULPRQLR \ ORV SURGXFWRVHQHVSHFLHHQWUHJDGRVYROXQWDULDPHQWHSRUODHPSUHVD

: 2 4
,QGLFDSDUDORVVLJXLHQWHVFRPSOHPHQWRVVLVRQFRWL]DEOHVRQR
\HQTXpFDQWLGDG
3OXVFRQYHQLR 

3OXVGHSHOLJURVLGDG

,QFHQWLYRV


3OXVGHGLVWDQFLD

'LHWDVSRUHVWDQFLDHQKRWHOGXUDQWHGtDVSRUFDGDQRFKH
'LHWDVSRUFRPHUIXHUDGXUDQWHGtDVSRU
*DVWRVGHORFRPRFLyQSRUYLDMHD%DGDMR]FRQIDFWXUDGH
3DJR GH OD SUHVWDFLyQ GH OD VHJXULGDG VRFLDO SRU HVWDU GH EDMD
ODERUDOGH
&RPSUDGHYHVWLPHQWDGHWUDEDMRSRUHOWUDEDMDGRUSRU

"(

/RVSOXVHVVDODULDOHVGHOFRQYHQLRGHSHOLJURVLGDGHLQFHQWLYRV
FRWL]DQDODVHJXULGDGVRFLDO
(Q HO SOXV GH GLVWDQFLD QR FRWL]D OR TXH QR OOHJXH DO  GHO
,35(0SDUDHODxRVRQDOVHUQRFRWL]D
/DVGLHWDVSRUHVWDQFLDQRFRWL]DQVLHPSUHTXHVHMXVWLTXHQ
/DVGLHWDVSRUFRPHUIXHUDQRFRWL]DQVLVRQLQIHULRUHVDDO
GtDHQHVWHFDVRVRQDOGtD\QRFRWL]DQ
/RVSDJRVGHODVHJXULGDGVRFLDOQRFRWL]DQ
/DDGTXLVLFLyQGHURSDGHWUDEDMRVtTXHFRWL]DGHVGHODUHIRUPD
GHMXOLRGH

4=

?92A!$/!/D%B<!/J:%/




<H :2(   #:::


/D%DVHGH&RWL]DFLyQGH&RQWLQJHQFLDV&RPXQHV %&&& HVOD
  

SRUODTXHHO
WUDEDMDGRU L   %( SDUDWHQHU   
   0
%(  UHODFLRQDGDVFRQODV

%
 (
 RVHDDTXHOODVQRUHODFLRQDGDVFRQ
XQDFFLGHQWHGHWUDEDMRRXQDHQIHUPHGDGSURIHVLRQDOFRPRVRQODDVLVWHQFLDVDQLWDULDXQDEDMDODERUDO
FRP~Q\QRODERUDOODLQYDOLGH]ODMXELODFLyQODYLXGHGDGODRUIDQGDGHWF
6REUHHVWDEDVHGHFRWL]DFLyQ 2 (
G\VDOGUiOD(  %

:(   #::: 
 
(
/RVSDVRVSDUDFDOFXODUOD%&&&HQXQVDODULRPHQVXDOVRQORVVLJXLHQWHV
 6HVXPDQWRGRV  
%TXHFRWL]DQDODVHJXULGDGVRFLDO
 6HH[FOX\HQORV FRPSOHPHQWRVH[WUDVDODULDOHVTXHQRFRWL]DQDVtFRPRORJDQDGRSRUODV
 X

 6HVXPDOD  
  % X TXHOHFRUUHVSRQGHDOPHVGHODVLJXLHQWHPDQHUDVHVXPDQWRGDVODVSDJDVH[WUDVGHODxR \ODGHEHQHFLRV \VHGLYLGHQSRUPHVHV
 /DFDQWLGDGUHVXOWDQWHGHEHHVWDU 
   2X   ,
GHFRWL]DFLyQGHVX
JUXSRSURIHVLRQDOTXHWRGRVORVDxRVDSUXHEDHO0LQLVWHULRGH(PSOHR3DUDHODxRHVODVLJXLHQWH
&/$A$:KO%:/$<:I%:/$:A$?/!A$9AB %@/%J#BDB %6A%/$B:?A$#/D/*-1,

6
  
 8 


7
 

& 7 
 

& C 
 

,QJHQLHURV\OLFHQFLDGRV\SHUVRQDOGHDOWDGLUHFFLyQQRLQFOXLGRHQDUWGHOHVWDWXWR
GHORVWUDEDMDGRUHV





,QJHQLHURV7pFQLFRV3HULWRV\$\XGDQWHV7LWXODGRV





-HIHVDGPLQLVWUDWLYRV\GHWDOOHU





$\XGDQWHVQRWLWXODGRV





2FLDOHVDGPLQLVWUDWLYRV





6XEDOWHUQRV





$X[LOLDUHVDGPLQLVWUDWLYRV












: 2 I
"(

&DOFXOD OD %&&& GHO WUDEDMDGRU GHO


FDVRJUXSRTXHWUDEDMDGHIRUPD
LQGHQLGD
6DODULREDVH 



3OXVGHFRQYHQLR



3OXVGHWUDQVSRUWH



'LHWDVGHFRPLGDSRUGtDVSRUYDORU
GH
SDJDVH[WUDVDODxRGHVDODULREDVH
FDGDXQD
+RUDVH[WUDVSRUYDORUGH

 /RV
% LVRQ
6DODULREDVHSRU
3OXVGHFRQYHQLRSRU
 /RV
%
 L
(OSOXVGHWUDQVSRUWHTXHQRH[FHGDGHOGHO,35(0GH 
&RPRJDQDFRWL]DUiHOH[FHVR 
/DVGLHWDVQRFRWL]DQODFDQWLGDGTXHQRVXSHUHGtDDOVHUGHQRFRWL]D
/DVKRUDVH[WUDRUGLQDULDVQRFRWL]DQSRU%&&&
 /D 
  % XFREUDGDVHQHODxR
SDJDV[ PHVHV DOPHVSURUUDWHDGD
 (OHV <@@&RPRHVWiHQWUHOD 2X
,
GHOJUXSRFRWL]DUiSRUHVDFDQWLGDG

44

?92A!$/!/D%B<!/J:%/




:2(   #::: 
 
/RVSDVRVSDUDFDOFXODUOD%&&&HQVDODULRGtDVRQORVVLJXLHQWHV
 6HVXPDQWRGRV  
% 
  TXHFRWL]DQDODVHJXULGDGVRFLDO
 6HH[FOX\HQORV FRPSOHPHQWRVH[WUDVDODULDOHVTXHQRFRWL]DQDVtFRPRORJDQDGRSRUODV
 X

 6HVXPDOD  
  % X TXHOHFRUUHVSRQGHDOGtDGHODVLJXLHQWHPDQHUDVHVXPDQWRGDVODVSDJDVH[WUDVGHODxR\VHGLYLGHQSRUGtDVGHPDQHUDTXHVDOHODSDJDH[WUD
GHOGtD
 /DFDQWLGDGUHVXOWDQWHGHEHHVWDU
   2X   ,
 GHFRWL]DFLyQ
GHOJUXSRSURIHVLRQDOTXHWRGRVORVDxRVDSUXHEDHO0LQLVWHULRGH7UDEDMR
 (VDEDVHGHFRWL]DFLyQGLDULDVHPXOWLSOLFDUi  
7  ,GHOPHVWUDEDMDGR
([LVWHQ  ((   L
TXHQRVHGHVDUUROODQHQHVWHWHPDFRPRHV
ODFRWL]DFLyQHQFRQWUDWRVDWLHPSRSDUFLDOGRQGHODEDVHPtQLPDYLHQHSRUKRUDV\QRSRUGtDVRPHVHV
3DUDSURIXQGL]DUHQHVWRVVXSXHVWRVHVSHFLDOHVFRQVXOWDHQODSiJLQDGHODVHJXULGDGVRFLDO

:T 
 8
(QWUDHQODSiJLQDGHODVHJXULGDGVRFLDO
KWWSZZZVHJVRFLDOHV
,QWHUQHWB7UDEDMDGRUHV
&RWL]DFLRQ5HFDXGDFL
%DVHV\WLSRVGHFRWL]D
LQGH[KWP
&RQVXOWDODVEDVHVPi[LPDV
\PtQLPDVGHFRWL]DFLyQSDUD
HODxRDFWXDO

&/$A$:KO%:/$<:I%:/$9%/D%/$9AB %@/%J#BDB %6A%/$B:?A$#/D/*-1,

6
  
 8 


7
 

2FLDOHVGHSULPHUD\GHVHJXQGD





2FLDOHVGHWHUFHUD\HVSHFLDOLVWDV







3HRQHV







7UDEDMDGRUHVPHQRUHVGHDxRVFXDOTXLHUDTXHVHDVXFDWHJRUtDSURIHVLRQDO





& 7  & C 


 7
 7

: 2 @
"(

&DOFXODOD%&&&GHXQWUDEDMDGRUGHO
JUXSRTXHWUDEDMDDWLHPSRFRPSOHWR
HQHOPHVGHPDU]R
6DODULREDVH 

G

3OXVGHFRQYHQLR

G

3OXVGHWUDQVSRUWH

G

'LHWDVGHFRPLGDSRUGtDVSRUYDORU
GH
SDJDVH[WUDVDODxRSRUVDODULREDVH
FDGDXQD
+RUDVH[WUDVSRUYDORUGH

 /RV
% LVRQ
6DODULREDVHSRU
3OXVGHFRQYHQLRSRU
 /RV
%
 L
(OSOXVGHWUDQVSRUWHTXHQRH[FHGDGHOGHO,35(0GH GtD  
&RPRJDQDQRFRWL]D
/DVGLHWDVQRFRWL]DQODFDQWLGDGTXHQRVXSHUHGtDDOVHUGHQRFRWL]D
/DVKRUDVH[WUDRUGLQDULDVQRFRWL]DQSRU%&&&
 /D 
  % XFREUDGDVHQHODxR
SDJDV[ GtDV DOGtDSURUUDWHDGD
 (OGtDHV I3DOGtD&RPRHVWiHQWUHOD 2X ,0

GHOJUXSRFRWL]DUiSRUHVDFDQWLGDGPXOWLSOLFDQGRSRUHOQ~PHURGHGtDVGHOPHV
[GtDV <I=@R<

4I

?92A!$/!/D%B<!/J:%/




<H :2(   #::/D%DVHGH&RWL]DFLyQGH&RQWLQJHQFLDV3URIHVLRQDOHV %&&3 HVODEDVHGHFRWL]DFLyQTXHVHWRPD


FRPRUHIHUHQFLDSDUDFRWL]DUSRUODVFRQWLQJHQFLDVSURIHVLRQDOHVGH 
  9 
+0
 +
DVtFRPRWDPELpQSDUDFDOFXODUDTXHOODVFXRWDVTXHVHUHFDXGDQFRQMXQWD0

FRQODVHJXULGDGVRFLDOFRPRVRQODFRWL]DFLyQSRU'HVHPSOHRSRUHO)2*$6$\SRUORVFXUVRV
GH)RUPDFLyQ3URIHVLRQDOSDUDHOHPSOHR
6XFiOFXORVHUHDOL]D(2
DOD%&&&ODFDQWLGDGUHFLELGDSRUODV X
(QHVWHFDVRVHFRPSDUDFRQORV 2X ,
WRWDOHVTXHSDUDVRQ
\

<H :2(   #  A &X


(QHOVXSXHVWRGHTXHVHKD\DQUHDOL]DGRKRUDVH[WUDRUGLQDULDVDSDUHFHUi(
   GHFRWL]DFLyQSRUODFDQWLGDGUHFLELGDSRUHVWDVKRUDVH[WUDVUHDOL]DGDVGHPDQHUDTXHSRUODVKRUDVH[WUDVVH
FRWL]DGRVYHFHVXQDYH]VXPiQGROHODFDQWLGDGDOD%&&3\RWUDJHQHUDQGRXQD%DVHGH+RUDV([WUDV
TXHFRWL]DUiDSDUWH

: 2 3
"(

&DOFXOD OD %&&3 \ OD %DVH GH +RUDV


([WUDVGHOWUDEDMDGRUGHOVXSXHVWRQ

/D%&&&HUD
/D%&&3 %&&&+RUDV([WUDV  
(VWDFDQWLGDGHVWiHQWUHHOWRSHPi[LPR\PtQLPR
/D%DVHGHKRUDVH[WUDVDGLFLRQDO SRUODVKRUDVH[WUDVUHDOL]DGDV

H    L

3DUDFDOFXODUODVFXRWDVRLQJUHVRVDSDJDUKD\TXHDSOLFDUXQSRUFHQWDMHDODVEDVHVGHFRWL]DFLyQDQWHULRUHVGHPDQHUDTXH X   L


Z (  
%
(OWUDEDMDGRU  %  (  
(
 6[VLKDUHDOL]DGRKRUDVH[WUDV3DUDSDJDUHVWDV
FXRWDVVHDSOLFDQORV G    L
    L
GHODWDEODVLJXLHQWH
7DQWRHO9   GHEHQSDJDUXQDVFXRWDVDODVHJXULGDGVRFLDO\GHUHFDXGDFLyQFRQMXQWD GHVHPSOHR)2*$6$\)3 SHURHQHVWD8'VRORUHDOL]DUHPRVHMHUFLFLRVFRQODVFXRWDV
GHOWUDEDMDGRUSDUDFDOFXODUVXQyPLQD
:(  
%

1  L

19

&

:

%
 (


6IG  #:::

GH%&&&

&RQWLQJHQFLDVSURIHVLRQDOHV

*

%&&3VHJ~QHOJUDGRGH
SHOLJURVLGDGGHODDFWLYLGDG



6XSXHVWRJHQHUDO LQGHQLGR

==G  #::-

%&&3

(QFRQWUDWRVWHPSRUDOHVDWLHPSRFRPSOHWR

4GGH%&&3

%&&3

(QFRQWUDWRVWHPSRUDOHVDWLHPSRSDUFLDO

4GGH%&&3

%&&3

)RQGRGH*DUDQWtD6DODULDO

+
SDUDHOHPSOHR

+RUDVH[WUDVRUGLQDULDV
+RUDVH[WUDVSRUIXHU]DPD\RU

4@

*

%&&3

G  #::-

%&&3

GH%+(

%+(

GH%+(

%+(

?92A!$/!/D%B<!/J:%/




: 2 
"(

3RUFRQWLQJHQFLDVFRPXQHVGH%&&& GH 


&DOFXODODVFXRWDVDLQJUHVDUSRUSDUWHGHOWUDEDMDGRU
DQWHULRUGHOVXSXHVWRQFRQODV%&&&%&&3\
%+(FDOFXODGDVDQWHULRUPHQWH

3RUGHVHPSOHRGH%&&3 HVLQGHQLGR  GH 


3RU)3GH%&&3 GH 
3RUKRUDVH[WUDVGH%+( GH 
7RWDOFXRWDV 

#H (
  A
 Y!.-H
/DVHPSUHVDVUHDOL]DQDWRGRVORVWUDEDMDGRUHV (
 

 (
 


 

% 
A
\DVtFXPSOLUFRQVXVREOLJDFLRQHVGHSDJRGHLPSXHVWRV(VWRVLJQLFDTXH
FDGDPHVDOWUDEDMDGRUVHOHGHVFXHQWDXQDSDUWHGHVXQyPLQDSDUDTXH    
% 

A
  (
 
 
% N (
OSRUHOWUDEDMDGRUSDUDHOLPSXHVWRGH,53)
,PSXHVWRVREUHOD5HQWDGHODV3HUVRQDV)tVLFDV $VtFXDQGRQDOLFHHODxRHOWUDEDMDGRUKDEUiSDJDGR
DFXHQWDXQDVFDQWLGDGHVTXHOHVHUYLUiQSDUDOD
 A
   %(

:   (ODUHWHQFLyQGH,53)HQODQyPLQD"$OLJXDOTXHFRQODVHJXULGDGVRFLDOKD\TXH
FDOFXODUXQDEDVHGH,53)\XQWLSRRDDSOLFDUVREUHHVDEDVH
   

 !.-VHFDOFXODDSDUWLUGHORVGHYHQJRVPHQVXDOHVSHURGHVFRQWDQGRODV
FDQWLGDGHVTXHQRSDJDQ+DFLHQGDTXHVRQ
/RVSDJRVHQSUHVWDFLRQHVGHODVHJXULGDGVRFLDO
/DV LQGHPQL]DFLRQHV OHJDOHV SRU GHVSLGR R H[WLQFLyQ GHO FRQWUDWR VDOYR SRU QDOL]DFLyQ GHO FRQWUDWR
WHPSRUDOGHREUD\VHUYLFLR\HYHQWXDOTXHVtWULEXWDQ DVtFRPRODVLQGHPQL]DFLRQHVSRUWUDVODGRV\
IDOOHFLPLHQWR

C"'#D'" E;&<<<F

(Q OD SiJLQD GH +DFLHQGD


SXHGHVHQFRQWUDUSURJUDPDV
GH D\XGD SDUD FDOFXODU HO 
GH UHWHQFLyQ TXH VH DSOLFD
VHJ~Q WX VLWXDFLyQ HFRQyPLFD\IDPLOLDU
KWWSZZZDJHQFLDWULEXWDULD
H V  $ ( $7 L Q W H U Q H W  , Q L F L R B H V B
(6B&RQILJXUDFLRQBB$FFHGDB
GLUHFWDPHQWHB$BXQBFOLFB'HVFDUJDBGHBSURJUDPDVBGHBD\XGD
5HQWDB\BSDWULPRQLR(MHUFLFLRB
5HWHQFLRQHVB,53)B'HVFDUJD'HVFDUJDVKWPO

/RVJDVWRVGHORFRPRFLyQ\GLHWDVHQODVPLVPDVFDQWLGDGHVTXHSDUDODVHJXULGDGVRFLDO
(VWRVLJQLFDTXHKD\FLHUWDVFDQWLGDGHVTXHQRSDJDQVHJXULGDGVRFLDOSHURVtTXHSDJDQD+DFLHQGD
(OG    

ORFDOFXOD+DFLHQGD\VHORFRPXQLFDDODHPSUHVD/RVFiOFXORVVHUHDOL]DQ
HQIXQFLyQGHODUHQWDDQXDOGHOWUDEDMDGRU\GHVXVLWXDFLyQIDPLOLDU

/tTXLGRDSHUFLELURVDODULRQHWR
/DFDQWLGDGTXHUHFLELUiHOWUDEDMDGRUVHUiODUHVWDHQWUHHOVDODULREUXWR\ODVGHGXFFLRQHVHQODVHJXULGDG
VRFLDO \FXRWDVGHUHFDXGDFLyQFRQMXQWD \GH+DFLHQGD

: 2 
"(

&DOFXOD OD UHWHQFLyQ D SUDFWLFDU HQ


+DFLHQGD GHO WUDEDMDGRU DQWHULRU VL
VHOHDSOLFDXQGHUHWHQFLyQDVt
FRPRHOOtTXLGRDSHUFLELU\UHOOHQD
HOUHFLERGHVDODULRV

%DVHGHUHWHQFLyQ,53)
(OVDODULREUXWRHUDGH1RWULEXWDQD+DFLHQGDODVGLHWDVSRU\DTXHHOSOXVGH
GLVWDQFLDVtTXHWULEXWDDVtFRPRODVKRUDVH[WUDV%DVH,53) 
5HWHQFLyQGH 
/tTXLGRDSHUFLELU
6DODULREUXWRVHJXULGDGVRFLDO,53)  

43

?92A!$/!/D%B<!/J:%/




&

19

OOOO

<<<<


:!

::: "%( "

$!

1$OLDFLyQ6HJXULGDG6RFLDO

:%, -+


J(  :L

3HULRGRGHOLTXLGDFLyQ'HD 

1/LEUR0DWUtFXOD

1'tDV+RUDV

!< &?&$J "

< -
 
6DODULREDVH


&RPSOHPHQWRVVDODULDOHV
3OXVGHFRQYHQLR 

+RUDVH[WUDRUGLQDULDV

*UDWLFDFLRQHVH[WUDRUGLQDULDV













'01 1' &?&$J'




<=6

6DODULRHQHVSHFLH
< -

 
6XSOLGRVHLQGHPQL]DFLRQHVSRUJDVWRV
3OXVGHWUDQVSRUWH



'LHWDV






3UHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO

,QGHPQL]DFLRQHVSRUWUDVODGRVVXVSHQVLRQHVRGHVSLGRV
2WUDVRSHUDFLRQHVQRVDODULDOHV
!!< &;::! $&"

$SRUWDFLRQHVGHOWUDEDMDGRUDODVFRWL]DFLRQHVGHOD6HJXULGDG6RFLDO\FRQFHSWRVGHUHFDXGDFLyQFRQMXQWD
&RQWLQJHQFLDVFRPXQHV



'HVHPSOHR



)RUPDFLyQSURIHVLRQDO







+RUDVH[WUDRUGLQDULDV












+RUDVH[WUDRUGLQDULDVSRUIXHU]DPD\RU
727$/$3257$&,21(6

,PSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDV



 



$QWLFLSRV
9DORUGHSURGXFWRVUHFLELGRVHQHVSHFLH
2WUDVGHGXFFLRQHV
#0 1 1' ' &;:!.









"    .&:!#D

DE;! 1 1' ' -&.:!#!. Y'0#H






@4I
<4I

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< <<<<<<<<<<<<<<< <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

'(7(50,1$&,1'(/$6%$6(6'(&27,=$&,1$/$6(*85,'$'62&,$/<&21&(3726'(5(&$8'$&,1&21-817$<'(/$%$6(
68-(7$$5(7(1&,1'(/,53)
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVFRPXQHV %&&&
5HPXQHUDFLyQPHQVXDO 








3URUUDWDGHSDJDVH[WUDRUGLQDULDV

I

7RWDO%&&& 





%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVSURIHVLRQDOHV $7\(3 \FRQFHSWRVGH
UHFDXGDFLyQFRQMXQWD GHVHPSOHRIRUPDFLyQSURIHVLRQDO\)RQGRGH*DUDQWtD6DODULDO 
%DVHGHFRWL]DFLyQDGLFLRQDOSRUKRUDVH[WUDRUGLQDULDV

%DVHVXMHWDDUHWHQFLyQGHO,53)

















: 2  


'H J
,  
 /XLVDDFXPXODXQDVGHXGDVTXHQRKDSDJDGR\SRUODVFXDOHV
KD VLGR GHPDQGDGD DQWH HO MX]JDGR /D VHQWHQFLD HVWDEOHFH TXH VH
OHHPEDUJDUiODQyPLQDSDUDKDFHUIUHQWHDODVGHXGDVFRQORVOtPLWHV
TXHMDODOH\&DOFXODHOVDODULRHPEDUJDEOHGH/XLVDVLJDQDXQVDODULR
DOPHV
 0DQXHOKDVLGRGHVSHGLGRGHODHPSUHVDDOFHUUDUODHPSUHVDSRU
SpUGLGDVHFRQyPLFDV$0DQXHOOHGHEHQPHVHVGHVDODULR\ODLQGHPQL]DFLyQSRUGHVSLGRGHGtDVSRUDxR(OVDODULRTXHJDQDED
0DQXHOHUDGHDOPHV GtD \VXDQWLJHGDGHQODHPSUHVD
HUDGHDxRV$OYHQGHUVHORVELHQHVGHODHPSUHVDUHFLEHXQPHVGH
VDODULRSHUROHGHEHQWRGDYtDWRGRORGHPiV
&DOFXODODFDQWLGDGTXHSRGUiUHFODPDUGHO)2*$6$WDQWRSRUVDODULRV
QRFREUDGRVFRPRSRUODLQGHPQL]DFLyQSHQGLHQWHGHFREUDU
1RWDHOOtPLWHGHOGREOHGHO60,GtDFRQSDJDVH[WUDVHVGHGtD
 3HSDKDVLGRGHVSHGLGDHQXQDHPSUHVDGHWUDEDMDGRUHVSRU
FDXVDVREMHWLYDV SRUGLVPLQXFLyQGHYHQWDV FRQORTXHFREUDUiORV
GtDVGHLQGHPQL]DFLyQSRUGHVSLGRSRUFDGDDxRWUDEDMDGR(OVDODULR
GtDGH3HSDHVGHGtD\VXDQWLJHGDGGHDxRVHQODHPSUHVD
&DOFXODODLQGHPQL]DFLyQTXHFREUDUi3HSDSRUGHVSLGRDVtFRPROD
FDQWLGDGTXHSRGUiUHFODPDUODHPSUHVDDO)2*$6$SRUVHUGHPHQRV
GHWUDEDMDGRUHV

#H $ 

 6HxDODVLVRQFRWL]DEOHVRQRORVVLJXLHQWHVFRPSOHPHQWRVPHQVXDOHV\HQTXpFXDQWtD
D ,QGHPQL]DFLyQSRUGHVSLGRSRUYDORUGH
E 3OXVGHWUDQVSRUWHXUEDQRSRUYDORUGH
F 'LHWDVSRUHVWDQFLDHQKRWHOGXUDQWHGtDVSRUXQLPSRUWHGH
FDGDQRFKH
G 'LHWDVSRUFRPHUIXHUDGXUDQWHGtDVGHFDGDGtD
H *DVWRVGHORFRPRFLyQHQFRFKHSURSLRUHDOL]DQGRNPGHVGH9DOHQFLDKDVWD'HQLDFREUDQGRGHODHPSUHVD
I 3DJRGHOD6HJXULGDG6RFLDOSRUHVWDUGHEDMDODERUDOSRU
 &DOFXODHOVDODULRQHWRGHXQWUDEDMDGRUGHOJUXSRGHFRWL]DFLyQ
FRQXQFRQWUDWRLQGHQLGR\TXHFREUD
6DODULREDVH


3OXVGHFRQYHQLR

,QFHQWLYRV


'LHWDVGHFRPLGDGHGtDVSRUYDORUWRWDOGH
+RUDVH[WUDVSRUYDORUGH
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
8QDUHWHQFLyQGHO,53)GHOGH+DFLHQGD

?92A!$/!/D%B<!/J:%/0/ %4%9/9A$
 &DOFXODHOVDODULRQHWRGHXQWUDEDMDGRUGHOJUXSRGHFRWL]DFLyQ
FRQXQFRQWUDWRWHPSRUDO\TXHFREUDHQHOPHVGHDEULO
6DODULREDVH


3OXVGHSHOLJURVLGDG

3OXVGHQRFWXUQLGDG

*DVWRVGHORFRPRFLyQHQWUHQSRUYDORUGHFRQIDFWXUD
'LHWDVSRUHVWDQFLDGHXQDQRFKHHQKRWHOSRU
+RUDVH[WUDVSRUYDORUGH
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVD12SDJD
GHIRUPDSURUUDWHDGDODVSDJDVH[WUDV
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
 &DOFXODHOVDODULRQHWRHQHOPHVGHGLFLHPEUHGHXQWUDEDMDGRUFRQ
ODFDWHJRUtDGHRFLDOGHGHOJUXSRGHFRWL]DFLyQFRQXQFRQWUDWR
WHPSRUDO\TXHFREUD
6DODULREDVH

GtD
3OXVGHFRQYHQLR
GtD
3OXVGHGLVWDQFLD 
GtD
'LHWDVSRUFRPLGDSRUGtDVSRUYDORUGH
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
+RUDVH[WUDVSRUYDORUGH
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
 &DOFXODHOVDODULRQHWRHQHOPHVGHHQHURGHXQWUDEDMDGRUFRQOD
FDWHJRUtDGHRFLDOGHGHOJUXSRGHFRWL]DFLyQFRQXQFRQWUDWR
LQGHQLGR\TXHFREUD
6DODULREDVH

GtD
3OXVGHFRQYHQLR
GtD
3OXVGHSURGXFWLYLGDG
GtD
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
+RUDVH[WUDVSRUYDORUGH
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
 &DOFXODHOVDODULRQHWRHQHOPHVGHHQHURGHXQWUDEDMDGRUGHO
JUXSRGHFRWL]DFLyQFRQXQFRQWUDWRLQGHQLGR\TXHFREUD
6DODULREDVH

PHV
3OXVGHFRQYHQLR
PHV
3OXVGHSHOLJURVLGDG
PHV
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
8QDSDJDGHEHQHFLRVGHPDU]RSRUGtDVGHVDODULREDVH/DHPSUHVDSDJDGHIRUPDSURUUDWHDGDODSDJDGHEHQHFLRVSRU
+RUDVH[WUDVSRUYDORUGH
5HWHQFLyQGHO,53)'HOGH+DFLHQGD

I

?92A!$/!/D%B<!/J:%/0/ %4%9/9A$
. 





 (OVDODULRTXHVHMHHQHOFRQWUDWRGHWUDEDMR
D 'HEHVHULJXDODOTXHMDHOFRQYHQLRFROHFWLYR

'H & 


 /RVWLSRVGHVDODULRSXHGHQVHU
D 6HJ~QODIRUPDGHSDJRSRUXQLGDGGHWLHPSRRSRUXQLGDGGHREUD
E 6HJ~QODIRUPDGHFiOFXORSRUXQLGDGGHWLHPSRSRUXQLGDGGHREUD
\PL[WR
F  6HJ~QODIRUPDGHFiOFXORHQGLQHUR\HQHVSHFLH
G 1LQJXQDHVFLHUWD
 (OVDODULRHQHVSHFLH
D 6HSDJDHQSURGXFWRVGLVWLQWRVDOGLQHUR
E 3XHGH FRQVLVWLU HQ OD SXHVWD D GLVSRVLFLyQ GHO WUDEDMDGRU GH XQD
YLYLHQGDRXQYHKtFXORRODDSRUWDFLyQDXQSODQGHSHQVLRQHV
F  1RSXHGHVHUPD\RUGHOGHOWRWDOGHODVUHWULEXFLRQHV
G 7RGDVVRQFLHUWDV
 5HVSHFWRDOSDJRGHOVDODULR
D /RVWUDEDMDGRUHVSXHGHQSHGLUDQWLFLSRVHQFXDOTXLHUPRPHQWRGHO
PHVGHODQyPLQDHQWHUDGHHVHPHV
E /RVUHWUDVRVHQHOSDJRGDQOXJDUDXQRVLQWHUHVHVPHQVXDOHVGHO

F  (OSDJRGHEHUHDOL]DUVHGHIRUPDSXQWXDOHQODIRUPD\ODIHFKDTXH
FRQYHQJDQDPERVWUDEDMDGRU\HPSUHVDRHQVXGHIHFWRVHJ~QORV
XVRV\FRVWUXPEUHV
G 6HJ~QOD-XULVSUXGHQFLD VHQWHQFLDVGHORVMXHFHV GHEHKDEHUUHWUDVRVHQDOPHQRVPHVHVSDUDHOWUDEDMDGRUSXHGDH[WLQJXLUHO
FRQWUDWR

E 3XHGHPHMRUDUHOTXHGLJDHOFRQYHQLRFROHFWLYRVLDVtORSDFWDQHO
HPSUHVDULR\HOWUDEDMDGRU
F  7LHQHFRPRWRSHPi[LPRHOVDODULRGHOFRQYHQLRVLQTXHORSXHGD
VXSHUDU
 5HVSHFWRDODPRGLFDFLyQGHOVDODULRGHOFRQYHQLR
FROHFWLYRHVFLHUWRTXHWUDVODUHIRUPDODERUDOGH

D /DVHPSUHVDVSRGUiQPRGLFDUODHVWUXFWXUDVDODULDOGHOFRQYHQLR
FDPELDQGRORVSOXVHVFRQFUHWRVTXHVHFREUDQDVtFRPRODFXDQWtD
HVWDEOHFLGDHQHOFRQYHQLR
E 6LORVUHSUHVHQWDQWHVHVWiQHQGHVDFXHUGRGHEHUiQUHFODPDUDO-X]JDGRGHOR6RFLDO
F  8QDFDXVDREMHWLYDVHUtDGLVPLQXLUODVYHQWDVGXUDQWHWUHVWULPHVWUHV
FRQVHFXWLYRVUHVSHFWRDORVPLVPRVWULPHVWUHVGHODxRDQWHULRU
G 6L OD HPSUHVD DSUREDVH XQ FRQYHQLR FROHFWLYR GH HPSUHVD HVWH
FRQYHQLRGHEHUtDPDQWHQHUHOVDODULRPtQLPRGHOFRQYHQLRGHVHFWRU
TXHHVWiSRUHQFLPD
 5HVSHFWRDODPRGLFDFLyQGHOVDODULRGHOFRQWUDWR
 9
D 1XQFDSRGUiFDPELDUVHSRUSDUWHGHODHPSUHVDHOVDODULRSDFWDGR
HQHOFRQWUDWR
E 6LVHFDPELDVHVHUtDXQDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWR
F  (OWUDEDMDGRUWHQGUtDGHUHFKRDH[WLQJXLUHOFRQWUDWR\SHGLUXQDLQGHPQL]DFLyQGHGtDVSRUDxR
G /DE \ODF VRQFLHUWDV

#H  %
,  

 1RHVFLHUWRUHVSHFWRDOVDODULRPtQLPRLQWHUSURIH0
VLRQDOTXH

 /DVJDUDQWtDVGHOVDODULRLQFOX\HQ

D 3DUDHODxRVHDGHDOPHV\GHDOGtD

D 1RSRGHUHPEDUJDUGHOVDODULRQHWRHO60,TXHVHMHFDGDDxR

E /RMDHO&RQJUHVRWRGRVORVDxRVSDUDWRGDVODVSURIHVLRQHV

E 6LODHPSUHVDWLHQHGLYHUVDVGHXGDVORVVDODULRVTXHVHGHEDQDORV
WUDEDMDGRUHVGHORV~OWLPRVGtDVWHQGUiQSUHIHUHQFLD

F  (OVDODULRPtQLPRHVXQGHUHFKRTXHDSDUHFHHQOD&RQVWLWXFLyQ

F  $PEDVVRQFLHUWDV

G (VSUHFLVRFRQVXOWDUFRQORVVLQGLFDWRV\DVRFLDFLRQHVGHHPSUHVDULRVSHURQRSDFWDUFRQHOORV

 (O)2*$6$VHKDUiFDUJR

 (QODHVWUXFWXUDGHOVDODULRGHOFRQYHQLRVHMD

D (QFDVRGHTXHODHPSUHVDVHDLQVROYHQWH\QRSXHGDSDJDUVDODULRVRLQGHPQL]DFLRQHVSRUGHVSLGRVXPDQGRDPEDV

D 8QVDODULREDVHSRUFDWHJRUtDSURIHVLRQDORJUXSRSURIHVLRQDO
E /DVSDJDVH[WUDVVXFXDQWtD\FXiQWDVH[LVWHQFRQXQPtQLPRGH
F  /RVFRPSOHPHQWRVVDODULDOHV\H[WUDVDODULDOHVGHHVHFRQYHQLR
G 7RGRVORVFRQFHSWRVDQWHULRUHVDSDUHFHQUHFRJLGRVHQHOFRQYHQLR

I

E 'HXQPi[LPRGHGtDVGHVDODULRVSHQGLHQWHV
F  3RULQGHPQL]DFLRQHVLPSURFHGHQWHVGHXQPi[LPRGHGtDVDxR
G (QHPSUHVDVGHPHQRVGHWUDEDMDGRUHVVHKDUiFDUJRGHODV
LQGHPQL]DFLRQHVLPSURFHGHQWHVSRUGtDVSRUDxR

?92A!$/!/D%B<!/J:%/0/ %4%9/9A$




(172512/$%25$/

?
(     (
,EHUGURODSDFWDXQFRQYHQLRTXHOLJDHOVDODULRDORVUHVXOWDGRV
/DFRPSDxtD,EHUGURODSXHGHVHUODSULPHUDJUDQHPSUHVDHVSDxRODHQDVXPLUODVWHVLVGHO%DQFRGH(VSDxD\GHODFDQFLOOHUDOHPDQDQJHOD0HUNHOVREUHOD
FRQYHQLHQFLDGHOLJDUVDODULRV\SURGXFWLYLGDGHQORVFRQYHQLRV/DHOpFWULFDKDDOFDQ]DGRXQSULQFLSLRGHDFXHUGRFRQ&&22862$W\SH\6LHSDUDUPDUXQ
FRQYHQLRFROHFWLYRSDUDORVSUy[LPRVFXDWURDxRVTXHOLJDODHYROXFLyQGHORVVDODULRVDORVUHVXOWDGRVRSHUDWLYRVGHODHPSUHVD(OSUHDFXHUGRDOTXHWRGDYtD
QRVHKDVXPDGRHOVLQGLFDWRPD\RULWDULRGHODHPSUHVD8*7\WDPSRFR(/$QL&*,DIHFWDUiDORVHPSOHDGRVGH,EHUGURODHQ(VSDxD\DORVGHVXVOLDOHV
,EHUGUROD5HQRYDEOHVH,RPVD(QWRWDOSHUVRQDV
(OFRQYHQLRSRGUtDUPDUVHHOGHPD\R&RQWHPSODXQLQFUHPHQWRVDODULDODQXDOGHO3HURODVXELGDSRGUtDOOHJDUDOVLVHVXSHUDQORVEHQHFLRV
MDGRVHQFDGDHMHUFLFLR(OVLVWHPDHVVLPSOH$SDUWLUGHODFRQVHFXFLyQGHORVREMHWLYRVKD\XQHVFDODGHVXELGDVTXHVHGHWLHQHHQHOVLVHDOFDQ]DHO
GHORVUHVXOWDGRVSURSXHVWRV4XpVXFHGHVLQRVHDOFDQ]DQORVREMHWLYRV"4XHODVXELGDVDODULDOGHODxRSXHGHTXHGDUHQXQHQOXJDUGHO
(OVDODULRGHORVWUDEDMDGRUHVGHMDGHHVWDUOLJDGRDO,3& QGLFHGH3UHFLRVDO&RQVXPR GHVWDFDQIXHQWHVGHODFRPSDxtDGHIRUPDTXHHOELQRPLRHPSUHVD
WUDEDMDGRUHVFRPSDUWHULHVJRV\UHVXOWDGRV
)8(17((/3$,6

D +DVWDGyQGHSXHGHQVXELUORVVDODULRVVLVHDOFDQ]DQORVPi[LPRVREMHWLYRV"<VLQRVHDOFDQ]DQLQJXQRTXpVXFHGH"
E 4XpRSLQDVGHYLQFXODUORVVDODULRVDORVUHVXOWDGRVHQOXJDUGHDODVXELGDGHSUHFLRVGHODYLGDFRPRKDVWDDKRUD ,3& "


%
    

/DVJUDQGHVVXSHUFLHVEDMDQVDODULRV\HYLWDQSDJDUIHVWLYRV
0     
/DSDWURQDOGHODVJUDQGHVVXSHUFLHV$QJHG\ORVVLQGLFDWRVVHFWRULDOHV)LWHFR\)DJDOOHJDURQDXQDFXHUGRHQODPDGUXJDGDGHD\HUVREUHHOFRQYHQLR
FROHFWLYRGHOVHFWRU(QWUHVXVSULQFLSDOHVQRYHGDGHVHOSDFWRUHEDMDORVVXHOGRV\VXVSHQGHORVSDJRVDGLFLRQDOHVSRUWUDEDMDUHQIHVWLYRV7DPELpQLQWURGXFH
SRUSULPHUDYH]HQHOWHMLGRHPSUHVDULDOHVSDxROODSRVLELOLGDGGHTXHXQFHQWURGHMHVLQDSOLFDFLyQHOFRQYHQLRXQDRSFLyQTXHKDVWDDKRUDVRORSRGtDQOOHYDU
DFDERODVHPSUHVDV\GHIRUPDFRQMXQWDHQWRGRVVXVOXJDUHVGHWUDEDMR
$VtORVHPSOHDGRVDORVTXHDIHFWDHOFRQYHQLRWUDEDMDUiQKRUDVPiVDODxRKDVWDXQWRWDOGHSRUHOPLVPRVXHOGR\DTXHODVWDEODVVDODULDOHVKDQTXHGDGRFRQJHODGDVGHDTXtKDVWDTXHHVFXDQGRH[SLUDHODFXHUGR(VWRVHWUDGXFHHQXQDFDtGDGHODUHPXQHUDFLyQGHO(VRVtODV
SDUWHVVHFRPSURPHWHQDVHQWDUVHHQXQIXWXURSDUDHVWXGLDUSRVLEOHVPRGLFDFLRQHVHQIXQFLyQGHODVYHQWDVTXHDFXPXODQODIULROHUDGHFLQFRDxRVDODEDMD
\PDQWHQGUiQODWHQGHQFLDDOPHQRVKDVWDQDOHVGH(QWRGRFDVRVLVHUHFXSHUDODIDFWXUDFLyQSDUDORTXHKDQMDGRFRPRUHIHUHQFLDORVQLYHOHVGH
HOUHSXQWHVHUtDPX\VLPLODUDODUHEDMDVXIULGDWUDVODUPDGHOFRQYHQLRFRQXQWRSHGHO
2WURGHORVWHPDVHVSLQRVRVHVHOGHORVIHVWLYRVTXHGHMDUiQGHDERQDUVH(QVXOXJDUODVHPSUHVDVSDJDUiQXQFRPSOHPHQWRHQWUH\SHURVROR
SDUDDTXHOORVHPSOHDGRVTXHHQKD\DQWUDEDMDGRORVVXFLHQWHVIHVWLYRVFRPRSDUDKDEHUFREUDGRPiVGHSRUHOOR1RREVWDQWHVHJ~Q&&22\
8*7TXHQRUPDURQHOGRFXPHQWRODPHGLDTXHFREUDURQHODxRSDVDGRORVHPSOHDGRVSRUDFXGLUDVXSXHVWRHQGRPLQJRIXHHQWUH\DODxROR
TXHGHMDDXQEXHQQ~PHURGHHOORVVLQFRPSHQVDFLyQ$GHPiVVHH[WLHQGHDWRGRHOFROHFWLYRODREOLJDFLyQGHWUDEDMDUORVGtDVQRODERUDEOHV\DTXHWRGDYtD
TXHGDQHPSOHDGRVFRQFRQWUDWRVDQWLJXRVTXHQRORLQFOXtDQ*UDFLDVDHOORVHUHGXFHHOPtQLPRGHGRPLQJRVGHODOGHOWRWDO
3RURWUDSDUWHVHSHUPLWHDXQFHQWURGHWUDEDMRGHVFROJDUVHGHOFRQYHQLRVLVXIUHXQDFDtGDGHODVYHQWDVGHOGXUDQWHDxRV$VtSRGUiQHJRFLDUGH
IRUPDLQGHSHQGLHQWHUHEDMDVGHVXHOGRDGLFLRQDOHV
$QWRQLR3pUH]UHVSRQVDEOHGH)LWHFRGHIHQGLyTXHHODFXHUGRSHUPLWLUiPDQWHQHUHOHPSOHRDFRVWDGHDVXPLUHVWRVVDFULFLRV/DSDWURQDOTXHFXDQGRVH
VHQWyDODPHVDTXHUtDVXSULPLUSDJDVH[WUDVFRQyHQTXHHOFRQYHQLRSHUPLWDVXSHUDUXQHQWRUQRHQHOTXHORVFRVWHVODERUDOHVVHJXtDQVXELHQGRSHVHD
TXHODVYHQWDVFDtDQ(Q$QJHGHVWiQ(O&RUWH,QJOpV&DUUHIRXU$OFDPSR,NHD/HUR\0HUOLQ(URVNLHQWUHRWURVJUDQGHVQRPEUHVGHOVHFWRUTXHGHVWDFDSRU
VHUXQODERUDWRULRGHSUXHEDVGHOD&(2(UHFXHUGDQGHVGH&&22
)8(17((O3DtVOYDUR5RPHUR

D 4XpWUHVJUDQGHVQRYHGDGHVKD\HQHOQXHYRFRQYHQLRGHODVJUDQGHVVXSHUFLHV"4XpVLQGLFDWRVORKDQUPDGR"&XiOHVQR"
E &XiQWDVKRUDVDXPHQWDODMRUQDGDHOFRQYHQLR"&XiQWRVXELUiQORVVDODULRVKDVWD"3RUWDQWRFXiQWRFDHUiODUHPXQHUDFLyQ"
F (QTXpFDVRVHUHYLVDUtD\VHVHQWDUtDQDQHJRFLDUGHQXHYR"&XiOHVHOWRSHHQTXHSRGUtDVXELUODUHYLVLyQGHVDODULRV"
G (QTXpFDVRVSDVDUtDQDFREUDUVHORVIHVWLYRV"&XiOIXHODPHGLDFREUDGDSRUIHVWLYRVDODxRHQHOSRUORVWUDEDMDGRUHV"
H &XiQGRSRGUiXQFHQWURGHWUDEDMRGHVFROJDUVHGHOFRQYHQLRGHODVJUDQGHVVXSHUFLHV"
I 4XpRSLQDHOUHSUHVHQWDQWHGH)LWHFRVREUHHODFXHUGR"<ODSDWURQDO"
J 4XpRSLQDVGHUHEDMDUORVVXHOGRVGHOFRQYHQLRFRPRPHGLGDSDUDPDQWHQHUHOHPSOHR"2UJDQL]DGXQGHEDWHHQJUXSRVGHDOXPQRV

I

?92A!$/!/D%B<!/J:%/0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

: #.'. '" A .'" &B1.'" &$ N#O


(PSOHDGRVGHOYLFHSUHVLGHQWHGHOD&(2(GHQXQFLDQTXHOHVSDJDHQGLQHURQHJUR
7UDEDMDGRUHVGH$)DUPDQFREUDUHQEKRUDVH[WUDV\FRPSOHPHQWRV
(OYLFHSUHVLGHQWHGHOD&(2($)KDSDJDGRHQGLQHURQHJURSDUWHGHOVDODULRGHORVHPSOHDGRVGHVXHPSUHVDGHKRVWHOHUtDVHJ~QWHVWLPRQLRVGHWUDEDMDGRUHV\H[WUDEDMDGRUHVGHODUPDGHOHPSUHVDULRPDGULOHxRUHFRJLGRVSRUODFDGHQD6(5(VWDSUiFWLFDHUDVLVWHPiWLFD\
SRGUtDOOHJDUDVHUODPLWDGGHOVXHOGRVHJ~QODVPLVPDVIXHQWHV$)QHJyD\HUODVLUUHJXODULGDGHVDXQTXHDGPLWLyTXHSRGUtDKDEHUDOJXQDV
H[FHSFLRQHVHQVXUPDTXHWLHQHFRQFHVLRQHVHQHVFXHODVKRVSLWDOHV\RWURVHGLFLRVS~EOLFRVFRPRHO&RQJUHVRGHORV'LSXWDGRV
&DPDUHURVFRFLQHURV\HQFDUJDGRVGHODHPSUHVD*UXSR$UWXUR&DQWREODQFRHQWUHYLVWDGRVSRUODHPLVRUDFRLQFLGHQHQTXHKDQFREUDGRSDUWH
GHVXVXHOGRHQXQVREUHHQGLQHURESRUGRVFRQFHSWRVKRUDVH[WUDRUGLQDULDV\FRPSOHPHQWRVGHUHVSRQVDELOLGDG(VWDSUiFWLFDKDVLGR
VLVWHPiWLFDHQODHPSUHVDGRQGHHQODDFWXDOLGDGWUDEDMDQXQDVSHUVRQDV\SRGtDOOHJDUDVHUODPLWDGGHOVDODULRVHJ~QWUDEDMDGRUHV
\H[WUDEDMDGRUHVTXHKDVWDDKRUDKDEtDQWHQLGRPLHGRGHKDEODUSRUWHPRUDUHSUHVDOLDV
7RGRVORVWHVWLPRQLRVDOJXQRVDQyQLPRVFRLQFLGHQHQODGHVFULSFLyQGHOPpWRGRGHORVSDJRVHQQHJUR\DSRUWDQLGpQWLFDVSUXHEDVGRFXPHQWDOHVVHJ~QODHPLVRUDGHOJUXSR35,6$ HGLWRUGHO(O3DtV /RVVREUHVTXHFRQVHUYDQORVGHQXQFLDQWHVVRQWRGRVLJXDOHVEODQFRV\VLQ
PHPEUHWHFRQXQDSHJDWLQDGRQGHJXUDQHOQRPEUH\DSHOOLGRVGHOWUDEDMDGRUMXQWRDODFLIUDTXHKDJDQDGRHQHOPHV/DVFDQWLGDGHVRVFLODQ
HQWUHORV\ORV/RVWUDEDMDGRUHVDVHJXUDQTXHODHPSUHVDOHVREOLJDDFREUDUDVt<TXHFXDQGRKDQSHGLGRUHJXODUL]DUORVSDJRVH
LQFOXLUORVHQVXVQyPLQDVORVUHVSRQVDEOHVVHKDQQHJDGR
8QRGHORVHPSOHDGRV&pVDUFRQDxRVGHH[SHULHQFLDHQODHPSUHVDPDQWLHQHTXHUHFLELUVREUHVHUDDOJRWDQDVXPLGRTXHQLVHFXHVWLRQDED(VDOJRTXHHVWiLQVWDXUDGRYLHQHHQHOSDTXHWHWUDEDMDVKRUDVH[WUDV\DTXtHVDVtDTXtHQ$UWXURWHSDJDQHQQHJURDPHVYHQFLGR
\\DHVWiWHORGLFHQ(VTXH\DQLWHORGLFHQVHHQWHUDXQRSRUORVFRPSDxHURV
)UDQFLVFRFDPDUHURGHDxRVWUDEDMDHQXQKRWHOGHOXMRFHUFDGHO&RQJUHVRGHORV'LSXWDGRV\DOJXQDYH]KDDFXGLGRFRPRH[WUDHQORV
FyFWHOHVTXHSURJUDPDOD&iPDUDEDMD (O&RQJUHVR 6HJ~QGHQXQFLDWUDVKRUDVGHWUDEDMRXQHQFDUJDGRGHKRVWHOHUtDOHSDJDEDHQGLQHUR
QHJUR8Q QRVDYLVDGHTXHKD\XQFyFWHOYDPRVFRPRUHIXHU]RGHODSODQWLOOD$ODFDEDUQRVPHWHQHQXQFXDUWR\DOOtQRVSDJDQ
/DVFDQWLGDGHVVHPXHYHQHQWRUQRDORVSRUFXDWURKRUDV(VDOJRPX\KDELWXDO(OPXQGRGHODKRVWHOHUtDHVDVt
8QH[HPSOHDGRH[SOLFDFyPRODVFRQGLFLRQHVGHFREURVHHVWDEOHFtDQGHVGHHOSULQFLSLR7RGRVORVFDUJRVLQWHUPHGLRVWLHQHQXQVREUHVXHOGR
SRUDVXPLUHVDUHVSRQVDELOLGDG(QWRQFHVWHORRIUHFHQYDVDJDQDUSHURYDVDWHQHUXQVREUHGH7~GLFHV(VRVPHORV
SRGUtDVSRQHUHQQyPLQD"(VLPSRVLEOHSRUTXHFRQOOHYDPXFKRJDVWRKD\TXHSDJDUPXFKD6HJXULGDG6RFLDO\EDVWDQWHHVTXHSDJDPRVD
QDOGHPHVHVRHVORTXHWHGDQDHQWHQGHU
(VWDVSUiFWLFDVSHUPLWHQDODVHPSUHVDVTXHUHFXUUHQDHOODVDKRUUDUHQFRWL]DFLRQHVDOD6HJXULGDG6RFLDO$GHPiVVXSRQHQXQSHUMXLFLRD
ORVWUDEDMDGRUHVFXDQGROOHJDHOPRPHQWRGHFREUDUHOVXEVLGLRGHGHVHPSOHRRXQDSHQVLyQGHMXELODFLyQVHYHQUHGXFLGRVVLJQLFDWLYDPHQWH
$)QHJyTXHKD\DLUUHJXODULGDGHVGHIRUPDJHQHUDOL]DGDHQODHPSUHVDTXHIXQGyVXDEXHORHQ3HURUHFRQRFLyTXHHOHQWUDPDGR
KRVWHOHURHVPX\FRPSOLFDGRTXHODVQyPLQDVVRQPX\FRPSOLFDGDV\TXHSXHGHKDEHUKDELGRLUUHJXODULGDGHVDORODUJRGHORVDxRV
(OHPSUHVDULRDQXQFLyTXHVXVDERJDGRVHVWXGLDQ ODDGRSFLyQGH PHGLGDV MXGLFLDOHV FRQWUDTXLHQHV OHDFXVDQ (QWRGRFDVR$)QLHJD
WDMDQWHPHQWHTXHODJHQHUDOLGDGGHORVSDJRVKD\DVLGRRVHDHQQHJURDXQTXHDGPLWHTXHSXGRKDEHUDOJXQDLUUHJXODULGDGSRUKRUDV
H[WUDRUGLQDULDV\DOJXQRVERQXV0RWLYRpVWHSRUHOTXHKDSHGLGRDOD,QVSHFFLyQGH7UDEDMRXQDLQYHVWLJDFLyQSDUDTXHORDFODUH3DJR
PiVGHPLOORQHVGHHXURVHQQyPLQDVHQVXPD\RUSDUWHWUDQVIHUHQFLDVEDQFDULDV1RKHKHFKRQLQJ~Q(5(HVRTXHODVSDVRFDQXWDV\
QRPHFRQVWDQLQJXQDGHQXQFLDHQPiVGHDxRVDxDGHHOSUHVLGHQWHGH&(,0TXHWDPELpQORHVGHOD&iPDUDGH&RPHUFLRGH0DGULG\
YLFHSUHVLGHQWHGHOD&(2(
)8(17((O3DtV
D 4XpGRVFRQFHSWRVVDODULDOHVVHxDODQDOJXQRVWUDEDMDGRUHV\H[WUDEDMDGRUHVTXHKDQFREUDGRHQE"
E (QWUHFXiQWRRVFLODQODVFDQWLGDGHVVHJ~QORVWUDEDMDGRUHV"4XpVXFHGtDVLVROLFLWDEDQLQFOXLUORVHQODQyPLQD"
F 4XpFRQVHFXHQFLDVFRQOOHYDWUDEDMDUHQ%SDUDODHPSUHVD\SDUDORVWUDEDMDGRUHVGHFDUDDOD6HJXULGDG6RFLDO"
G 4XpDUJXPHQWRVVHxDOD$)HQGHIHQVDGHHVWDGHQXQFLDSRUDOJXQRVHPSOHDGRV"
H &UHHVTXHHOPXQGRGHODKRVWHOHUtDHVDVtFRPRDUPD)UDQFLVFR"&UHHVTXHHVXQDSUiFWLFDQRUPDOGHDOJXQDVHPSUHVDV"
I (VWDUtDVGLVSXHVWRDFREUDUXQDFDQWLGDGHQ%FRPRODVKRUDVH[WUDV"2UJDQL]DGHQFODVHXQGHEDWHHQJUXSRVGHDOXPQRV

I6

?  =
0RGLFDFLyQVXVSHQVLyQ
C   

: $1&$! "
0RGLFDFLyQGHOFRQWUDWR
*!   

,!C   

(OQLTXLWR

#>&1!? "
5HFRQRFHUODVFDXVDVSRUODVTXHVHSXHGHPRGLFDUHOFRQWUDWR
0


7         

0$
     C   

 8 
   
&DOFXODUHOQLTXLWRGHXQDQyPLQD

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




0RGLFDFLyQGHOFRQWUDWR
  SRVLELOLGDGGHPRGLFDUODVFRQGLFLRQHV HVWDEOHFLH
URQHQHOFRQWUDWR      "
 &       ! "  
PRGLFDUODVFRQGLFLRQHVVHGD
  
  $   
 

<< ) +(


#;":' &$
1; : $?&$!

%XVFDHQHOFRQYHQLRGHWX
VHFWRU
 4XpJUXSRVSURIHVLRQDOHV
H[LVWHQ
 4XpFDWHJRUtDSURIHVLRQDO
FUHHVTXHFRUUHVSRQGHDO
FLFOR IRUPDWLYR TXH HVWiV
UHDOL]DQGR
 &yPRUHJXODODPRYLOLGDG
IXQFLRQDO R HO FDPELR GH
IXQFLRQHV GHQWUR GH OD
HPSUHVD
 4
 XpHVWDEOHFHHQFXDQWRDO
VLVWHPDGHDVFHQVRV

   FDPELDUGHSXHVWRGHWUDEDMR


GRUGHQWURGHODPLVPDGHQWURGHORVOtPLWHVTXHVHxDODODOH\
'(
KDVWDTXHODUHIRUPDODERUDOGHVHWUDVODGHDORVFRQYHQLRVFROHFWLYRVH[LVWHQ 
   +(



D 0RYLOLGDGIXQFLRQDO
  %( +
RFDWHJRUtDVHTXLYDOHQWHV
E 0RYLOLGDGIXQFLRQDO +(  %( +

F 0RYLOLGDGIXQFLRQDOH[WUDRUGLQDULDRGHQLWLYDIXHUDGHOJUXSRSURIHVLRQDO
4XpHV(
%( +
 (
 %, +
"
J( +
HVDTXHOTXHDJUXSDDSWLWXGHVSURIHVLRQDOHV\WLWXODFLRQHVHQXQDXQLGDGSRUOD
VHPHMDQ]DTXHSUHVHQWDQHQWUHHOODV(OJUXSRSURIHVLRQDOHVWiIRUPDGRDVXYH]SRUFDWHJRUtDVSURIHVLRQDOHV8QHMHPSORGHJUXSRSURIHVLRQDOVHUtDHOGHRSHUDULRV
:%, +
VRQODVGLVWLQWDVHVSHFLDOLGDGHVRIXQFLRQHVGHQWURGHXQJUXSRSURIHVLRQDO(MHPSORVGHFDWHJRUtDVSURIHVLRQDOHVVHUtDQRFLDOGH\RFLDOGH
'RVFDWHJRUtDVSURIHVLRQDOHVVRQHTXLYDOHQWHVFXDQGRODDSWLWXGSURIHVLRQDOGHODFDWHJRUtDSHUPLWHUHDOL]DUODVIXQFLRQHVEiVLFDVGHODFDWHJRUtDQHFHVLWDQGRFRPRPXFKRSHTXHxRVSURFHVRVGH
IRUPDFLyQRDGDSWDFLyQ(VWRFRQOOHYDTXHODPRYLOLGDGGHXQDFDWHJRUtDDRWUDSXHGDVHUVHQFLOODDOD
KRUDGHUHDOL]DUODVQXHYDVWDUHDV
 +   HVWDEOHFHTXHVRORH[LVWLUiQJUXSRVSURIHVLRQDOHV\QRFDWHJRUtDVSRUOR
TXHHQHOSOD]RGHXQDxRORVFRQYHQLRVFROHFWLYRVGHEHUiQFODVLFDUORVJUXSRV

0RYLOLGDG
GHQWURGHO
JUXSRSURIHVLRQDO

/DHPSUHVDSXHGHFDPELDUDORVWUDEDMDGRUHVGHXQSXHVWRDRWURGHQWURGHOJUXSRSURIHVLRQDORHQWUH
FDWHJRUtDVSURIHVLRQDOHVHTXLYDOHQWHVSXHV
( 9

/DGXUDFLyQGHOFDPELRSXHGHVHULQGHQLGDRWHPSRUDO\QRQHFHVLWDDOXGLUUD]RQHVRUJDQL]DWLYDVRWpFQLFDVSDUDOOHYDUORDFDER
 (
FRUUHVSRQGHDODVIXQFLRQHVGHOSXHVWRHQHOTXHUHDOPHQWHVHWUDEDMD

0RYLOLGDG
IXHUDGHO
JUXSRSURIHVLRQDO

'HEHH[LVWLUXQD ( %


L  5
SDUDUHDOL]DUHOFDPELRGHSXHVWR\VHUHDOL]D
SRUHO 

([LVWHQGRVWLSRVGHVFHQGHQWH\DVFHQGHQWH


FRQOOHYDEDMDUGHJUXSRSURIHVLRQDO6HUiSRUUD]RQHVLPSUHYLVLEOHV\VHPDQWLHQHOD
UHWULEXFLyQVXSHULRUTXHWHQtD
'

VXSRQHXQDVFHQVRWHPSRUDO&REUDUiSRUODVIXQFLRQHVVXSHULRUHV(QHOFDVRGHTXH
GXUHPiVGHPHVHVHQXQDxRRGHPHVHVHQGRVDxRVSRGUiVROLFLWDUHO
WHQLHQGRHQ
FXHQWDORTXHVHxDOHHOFRQYHQLRHQFXDQWRDDVFHQVRV

0RYLOLGDG
H[WUDRUGLQDULD

I4

6HWUDWDGHXQFDPELRGHQLWLYRGHSXHVWRGHWUDEDMR+(  %( +



6HFRQVLGHUDXQDPRGLFDFLyQVXVWDQFLDOGHODVFRQGLFLRQHVGHWUDEDMR




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B

: 2 
3RUXQLPSUHYLVWRGRVUHFHSFLRQLVWDVQRSXHGHQDFXGLUDOWUDEDMRFRQORTXHODFHQWUDOLWDVHTXHGDYDFtD/DHPSUHVDOHLQGLFDDXQDGPLQLVWUDWLYRTXHUHDOL]DODVQyPLQDV\DXQWpFQLFRVXSHULRULQIRUPiWLFRTXHHVHGtDSDVHQDUHDOL]DUODVIXQFLRQHVGHUHFHSFLRQLVWDV\DWLHQGDQ
DOS~EOLFRTXHOOHJDDODHPSUHVDDVtFRPRODVOODPDGDVWHOHIyQLFDV(ODGPLQLVWUDWLYRSHUWHQHFHDOPLVPRJUXSRSURIHVLRQDO\HOWpFQLFR
LQIRUPiWLFRDXQJUXSRVXSHULRU'HEHQUHDOL]DUHVDVIXQFLRQHV""(

6tDXQTXHSRUPRWLYRVGLVWLQWRV(ODGPLQLVWUDWLYRSHUWHQHFHDOPLVPRJUXSRSURIHVLRQDOFRQORTXHQRHVQHFHVDULRTXHH[LVWDQUD]RQHV
RUJDQL]DWLYDVRWpFQLFDV\HOFDPELRSXHGHVHUWHPSRUDORLQGHQLGR(OWpFQLFRVXSHULRULQIRUPiWLFRSHUWHQHFHDXQJUXSRSURIHVLRQDOVXSHULRUSHURHVWiREOLJDGRSRUTXHVHWUDWDGHXQLPSUHYLVWRXUJHQWH\KD\UD]RQHVRUJDQL]DWLYDV(OFDPELRVHUiSRUHOWLHPSRLPSUHVFLQGLEOH
\FRQWLQXDUiFREUDQGRHOVDODULRGHRULJHQFRPRLQIRUPiWLFR

0RYLOLGDGJHRJUiFD
    FDPELDUFHQWURGHWUDEDMR
  FDPELR GH UHVLGHQFLD  H[LVWDQ UD]RQHV REMHWLYDV . 
 " " /! QRH[LJHFDPELDUGH
UHVLGHQFLD   :   &
 

'H & 


(O VXSRQHXQFDPELRGHFHQWURGHWUDEDMRGHQLWLYR6HHQWLHQGHTXHHVGHQLWLYRFXDQGRVH
WUDVODGDDOWUDEDMDGRU2  (
 
(
   

    
(OWUDEDMDGRUGHEHVHUQRWLFDGRFRQ ,  


7LHQH 

'  FRQORTXHWLHQHGHUHFKRDTXHOHFXEUDQVXVJDVWRVGHWUDVODGR\ORVGHVX
IDPLOLDHQORVWpUPLQRVTXHKDELWXDOPHQWHHVWDEOHFHHOFRQYHQLR
.(  DO-X]JDGRGHOR6RFLDO'HVGHTXHVHOHQRWLFDHOWUDVODGRWLHQHGtDVKiELOHVSDUDUHFXUULUSHURPLHQWUDVWDQWRVHWUDVODGDKDVWDTXHVDOJDODVHQWHQFLD
&X
%(  
FRQGHUHFKRDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRFRQXQPi[LPR
GHGtDV

  
'HEHDIHFWDUFROHFWLYDPHQWHD( 9< )tMDWHHQODWDEODGHDOODGRFXiQWRVWUDEDMDGRUHVGHEHQYHUVHDIHFWDGRVSDUDTXHXQWUDVODGRVHDFROHFWLYR
(OSURFHGLPLHQWRHVPiVFRPSOHMR\DTXHDGHPiVGHQRWLFDUDORVWUDEDMDGRUHVKD\TXHDEULUXQ
  
( 
 

GHORVWUDEDMDGRUHVGHFRPRPi[LPRGtDV
FRQHOREMHWRGHLQWHQWDUOOHJDUDXQDFXHUGR(QFDVRGH
 %  (
(   0
(
2 ( 
   

 2
FRPRFRQLFWR
FROHFWLYRHQDO7ULEXQDO6XSHULRUGH-XVWLFLDRDO-X]JDGRGHOR6RFLDOVHJ~QVLVXSHUDHOiPELWRGH
XQDSURYLQFLDRQR

#H & L

(OL
HVXQFDPELRGHFHQWURGHWUDEDMRWHPSRUDO6HHQWLHQGHTXHHVWHPSRUDO(


 (  HQXQSHULRGRGHDxRV
(OSUHDYLVRVHUiFRQODDQWHODFLyQVXFLHQWHHOFXDOQRVHUiLQIHULRUDGtDVODERUDEOHVVLHOGHVSOD]DPLHQWRHVVXSHULRUDPHVHV
(QHOFDVRGHGHVSOD]DPLHQWRHO9  
  
  HOGHVSOD]DPLHQWR
 (HQGtDVKiELOHVSHURQRWLHQHODRSFLyQGHH[WLQJXLUHOFRQWUDWRFRPRHQHOWUDVODGR
(O WUDEDMDGRU WHQGUi  6 , X   SRU FDGD  PHVHV GH GHVSOD]DPLHQWR
DGHPiVGHORVGtDVGHYLDMHGHLGD\GHYXHOWD$GHPiVUHFLELUiHODERQRGHORV%  9 
ORVFXDOHVVXHOHQVHUFRQFUHWDGRVSRUORVFRQYHQLRV

D>'1&

6HHQWLHQGHTXHXQWUDVODGR
HVFROHFWLYRFXDQGRDIHFWDD
WRGDODSODQWLOODVLVRQPiVGH
WUDEDMDGRUHVRELHQFXDQGR DIHFWD HQ HO SHULRGR GH
GtDVD
(PSUHVDV

GH PHQRV GH 
WUDEDMDGRUHV DO PHQRV D 
WUDEDMDGRUHV
(PSUHVDVGHHQWUH\

WUDEDMDGRUHVDOPHQRVDO
GHWUDEDMDGRUHV
(PSUHVDV

GH PiV GH 
WUDEDMDGRUHV DO PHQRV D 
WUDEDMDGRUHV

#;":' &$
1; : $?&$!

%XVFD HQ HO FRQYHQLR GH WX


VHFWRU TXp LQGLFD UHVSHFWR D
ODV FRQGLFLRQHV GH WUDVODGRV
\GHVSOD]DPLHQWRV
6LVHxDODXQPD\RUSOD]RGH
SUHDYLVR
6LVHxDODTXpJDVWRVVHSDJDUiQSRUWUDVODGRV\GLHWDV

II

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




: 2 
'RVWUDEDMDGRUHVFRQXQDDQWLJHGDGGHDxRV\XQVDODULRGtDGHYDQDVHUWUDVODGDGRVGH9DOHQFLDD0XUFLDSXHVODHPSUHVDYD
DDEULUXQDQXHYDVXFXUVDO$0LJXHOOHLQGLFDQTXHpOHVWDUiPiVWLHPSRDOUHGHGRUGHDxRVPLHQWUDVTXH-RVp,JQDFLRVyORHVWDUiORV
SULPHURVPHVHVSDUDVXSXHVWDHQPDUFKD$QLQJXQROHYLHQHELHQWUDVODGDUVHD0XUFLDSRUPRWLYRVIDPLOLDUHV4XpRSFLRQHVWLHQHQ
DPERVWUDEDMDGRUHV" "(

(QHOFDVRGH0LJXHOVHWUDWDGHXQWUDVODGRSRUTXHYDDHVWDUPiVGHXQDxRWUDEDMDQGRHQRWURFHQWURFRQFDPELRGHUHVLGHQFLDSRU
FDXVDVRUJDQL]DWLYDV6XVRSFLRQHVVRQ $FHSWDUHOWUDVODGR\FREUDUORVJDVWRVGHOPLVPR VX\RV\GHVXIDPLOLD  5HFXUULUDOMX]JDGR
GHORVRFLDOHQGtDVKiELOHV\PLHQWUDVWDQWRWUDVODGDUVH\ ([WLQJXLUHOFRQWUDWRFRQXQDLQGHPQL]DFLyQGHGtDVSRUDxRHQVXFDVR
GHGtDV[GtD[DxRV GtDVGHVDODULRGH GHLQGHPQL]DFLyQ
(QHOFDVRGH-RVp,JQDFLRVHWUDWDGHXQGHVSOD]DPLHQWRSXHVHVWDUiPHQRVGHXQDxRWUDVODGDGR6RORWHQGUiODVGRVSULPHUDVRSFLRQHV
 $FHSWDUHOGHVSOD]DPLHQWRFREUDQGRORVJDVWRVGHGLHWDV\YLDMHV\ 5HFXUULUDOMX]JDGRHQKiELOHV\PLHQWUDVWDQWRGHVSOD]DUVH

0RGLFDFLyQVXVWDQFLDOGHODVFRQGLFLRQHVGH
9
$GHPiV GHO FDPELR GH SXHVWR R GH FHQWUR GH WUDEDMR OD HPSUHVD SXHGH PRGLFDU
RWUDVFRQGLFLRQHV FRQWUDWRGHWUDEDMR
FROHFWLYDSDUDWRGRVORVWUDEDMDGRUHVGHODHPSUHVD3DUDHOORGHEHMXVWLFDUVHHQ
FDXVDVREMHWLYDV  ""

9  0 FRQGLFLRQHVTXHSXHGHPRGLFDUVRQ
   
B9%%J

A5A:#!B
8QDHPSUHVDTXHRIUHFtDXQDPHMRUDHQODMRUQDGDUHGXFLpQGRODGtDVDODxRGHFLGH
/DMRUQDGD
YROYHUDODMRUQDGDTXHMDHOFRQYHQLR
A

 
   )iWLPDUPyHQHOFRQWUDWRWUDEDMDUGHKDK/DHPSUHVDPRGLFDHOKRUDULRGHOD
WLHPSRGHWUDEDMR
VLJXLHQWHIRUPDGHDK\GHDK
5pJLPHQGHWUDEDMRD
5REHUWRHVWiUHDOL]DQGRXQWXUQRMRGHPDxDQDVSHURODHPSUHVDOHFRPXQLFDTXHGHQ0



   

 

 
$   

  0DUtD-RVpSDFWyHQHOFRQWUDWRGHVDODULREDVHFXDQGRHOFRQYHQLRMDEDVyOR
7

/DHPSUHVDGHFLGHUHEDMDUHOVDODULRD
6LVWHPDGHWUDEDMR\
/DHPSUHVDPRGLFDODIRUPDGHPHGLUHOUHQGLPLHQWRSRVLWLYRGHORVWUDEDMDGRUHVSDUD
 


   

    

 
8QWUDEDMDGRUHVFDPELDGRGHIRUPDGHQLWLYDGHRFLDOGHSULPHUDDSHyQTXHHVGHXQ
:   C




 
  


/DPRGLFDFLyQLQGLYLGXDOVHGHEHQRWLFDUFRQ= ,  

(QHVWHFDVRHOWUDEDMDGRU
WLHQHODV%(
 

D>'1&

(OPi[LPRGHGtDVGHLQGHPQL]DFLyQ SRU PRGLFDFLyQ


VXVWDQFLDO GHO FRQWUDWR VRQ
GtDV\QRGtDV
/HH HO &DVR 3UiFWLFR  HQ
OD SiJLQD  \ REVHUYD TXp
VXFHGH DO FDOFXODU OD LQGHPQL]DFLyQ

I@

 'ODPRGLFDFLyQ
 .(ODPRGLFDFLyQHQHOSOD]RGHGtDVKiELOHVDO-X]JDGRGHOR6RFLDO
 &X
%(HOFRQWUDWRFRQXQDLQGHPQL]DFLyQGH  ,  FRQXQPi[LPRGHGtDVGH
VDODULR PHVHV 
 (
 QHOVXSXHVWRGHTXHODPRGLFDFLyQVXSRQJDXQ 
 
( %
SRGUiSHGLUOD
H[WLQFLyQGHOFRQWUDWRFRQXQDLQGHPQL]DFLyQGH ,  FRQXQPi[LPRGHGtDV
/D PRGLFDFLyQ FROHFWLYDDOLJXDOTXHHQHOWUDVODGRFROHFWLYRVXUJHFXDQGRVHPRGLFDHQHVH
PLVPRQ~PHURGHWUDEDMDGRUHV5HTXHULUiXQ   
(GHPi[LPRGtDVFRQORV 0


GHORVWUDEDMDGRUHV8QDYH]QDOLFHHOSHULRGRGHFRQVXOWDV  I ,GHQRWLFDGD
ODGHFLVLyQSRUODHPSUHVD\D 
 +ODPRGLFDFLyQ6LKD\GHVDFXHUGRORVUHSUHVHQWDQWHV
SXHGHQDFXGLUDO7ULEXQDO6XSHULRUGH-XVWLFLDRDO-X]JDGRGHOR6RFLDOVHJ~QVLVXSHUDHOiPELWRGHXQD
SURYLQFLDRQR




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B

<  (

 

0     GHMDGHSUHVWDUVXVVHUYL
FLRV\WDPSRFRFREUDUHWULEXFLyQ   8 
   "YROYHUiDVXSXHVWRGHWUDEDMR H[FHSWRHQDOJXQDV
H[FHGHQFLDV 
#    

   
  
\OD
RDFRJLPLHQWRGHPHQRUGHDxRV
 3RU % GXUDQWH HO L  (
  
 GH PHQRU GH  PHVHV &XDQGR HO
WUDEDMRVXSRQJDXQULHVJRSDUDODPXMHUHPEDUD]DGDSDUDHOIHWRRGXUDQWHVXODFWDQFLDHQSULPHU
OXJDUVHLQWHQWDUiHOLPLQDUHOULHVJRGHOSXHVWRGHWUDEDMR6LQRHVSRVLEOHVHODFDPELDUiGHSXHVWR
\VLHVWRWDPSRFRHVSRVLEOHVHOHVXVSHQGHUiHOFRQWUDWR\SDVDUiDFREUDUHOGHODEDVHGH
FRWL]DFLyQSRUSDUWHGHOD0XWXD
 3RUVROLFLWDUXQDX

 3RU ( 9 HFRQyPLFDV WHFQROyJLFDV RUJDQL]DWLYDV R GH SURGXFFLyQ  1HFHVLWD XQ
SHULRGRGHFRQVXOWDVGHPi[LPRGtDVFRQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHV\FRPXQLFDFLyQ
DOD$XWRULGDG/DERUDO0LHQWUDVHVWiQVXVSHQGLGRVORVFRQWUDWRVORVWUDEDMDGRUHVSDVDQDFREUDUHO
GHVHPSOHR6LSRVWHULRUPHQWHKXELHVHXQGHVSLGRSRUFDXVDVREMHWLYDVRFROHFWLYRORVGtDVTXHVH
KD\DQFREUDGRGHSDURVHPDQWHQGUtDQVLHPSUHTXHQRVXSHUHQORVGtDV
 3RU +(L   &XDQGRH[LVWD XQDIXHU]DPD\RU LQFHQGLR LQXQGDFLyQ HWF  TXH
GXUDQWHXQWLHPSRQRSHUPLWDGHVDUUROODUHOWUDEDMR8QDYH]QDOL]DGDHVWDFDXVDORVWUDEDMDGRUHV
YXHOYHQDOWUDEDMR
 3RUHOHMHUFLFLRGHXQD(% %RSRUHO % GHODHPSUHVD'XUDQWHHVWHSHULRGRGH
WLHPSRQRVHWUDEDMD\QRVHFREUDVDODULR
 3RUHVWDUGH9  LQFDSDFLGDGWHPSRUDO SRUDFFLGHQWHRHQIHUPHGDG'XUDQWHHVWHWLHPSR
VHFREUDGHODVHJXULGDGVRFLDO
 3RU(

  (SRUUD]RQHVGLVFLSOLQDULDVVHJ~QODVIDOWDVOHYHVJUDYHV\
PX\JUDYHVTXHVHxDOHHOFRQYHQLRFROHFWLYR
 3RUHOHMHUFLFLRGHXQ% 7UHSUHVHQWDWLYR3RUHMHPSORVHUHOHJLGR$OFDOGH
  3RU
 PLHQWUDVQRH[LVWDVHQWHQFLDGHFRQGHQD&XDQGR\DH[LVWDFRQGHQD
ODHPSUHVDSRGUiH[WLQJXLUHOFRQWUDWR

C"'#D'" E;&<<<F

&XDQGR XQ WUDEDMDGRU HVWi


XQGtDGHKXHOJDOHJDOVHOH
GHVFXHQWDQ YDULDV FDQWLGDGHVHQHOVDODULR
(O VDODULR SHUWHQHFLHQWH DO
GtDQRWUDEDMDGR
(OVDODULRTXHFRUUHVSRQGH
D OD SDUWH SURSRUFLRQDO GH
GHVFDQVRVHPDQDO\DTXH
QRWLHQHGHUHFKRDWRGRHO
GHVFDQVR VHPDQDO SRU QR
KDEHU WUDEDMDGR WRGRV ORV
GtDVGHODVHPDQD
(OVDODULRSRUODSDUWHSURSRUFLRQDOGHODVSDJDVH[WUDV6HOHTXLWDXQGtDGH
ORVGtDV
1RVHGHVFXHQWDQGtDVGH
YDFDFLRQHV VDOYR TXH OD
KXHOJDVHDLOHJDO

  3RUDFUHGLWDUODFRQGLFLyQGH,  
  %5
/DWUDEDMDGRUDSRGUiVROLFLWDUOD
VXVSHQVLyQKDVWDXQPi[LPRGHPHVHVVLELHQHOMX]JDGRSXHGHDPSOLDUORKDVWDORVPHVHV
  3RU(( (RXQ 2HQHOFRQWUDWR

: 2 
,QGLFDSDUDODVVLJXLHQWHVVLWXDFLRQHVVLSXHGHQGDUOXJDUDXQDVLWXDFLyQGHVXVSHQVLyQGHOFRQWUDWR
D 8QDHPSUHVDGHIDEULFDFLyQGHFRFKHVGHFLGHUHDOL]DUXQSDUyQWpFQLFR\GHWHQHUODSURGXFFLyQGXUDQWHPHVHQHVSHUDGHOPRQWDMHGH
ODQXHYDPDTXLQDULDSRUORTXHVHYHQDIHFWDGRVORVWUDEDMDGRUHVGHXQDSODQWD
E 8QDPXMHUHPEDUD]DGDHVWiFRQWUDWDGDGHOLPSLDGRUDHQXQDHPSUHVDGHOLPSLH]D\DORVPHVHVOHGLFHDODHPSUHVDTXH\DQRSXHGH
PiVFRQODVWDUHDVTXHH[LJHVXSXHVWR
F $QGUpV\/DXUDHVWiQGHKXHOJDHQODHQVHxDQ]DGXUDQWHGRVGtDVGHPD\R
"(

D 6tSRUFDXVDVREMHWLYDV WHFQROyJLFDV /RVWUDEDMDGRUHVSDVDQDFREUDUHOGHVHPSOHR


E &RPRVXSXHVWRGHOLPSLDGRUDQRVHSXHGHPRGLFDU\QRH[LVWHRWURFRPSDWLEOHTXHGDHQVXVSHQVLyQSRUULHVJRGXUDQWHHOHPEDUD]R
SDVDQGRDFREUDUHOGHODEDVHGHFRWL]DFLyQGHOD0XWXD
F 6LODKXHOJDHVWiOHJDOPHQWHFRQYRFDGDORVFRQWUDWRVTXHGDQVXVSHQGLGRVGXUDQWHGtDV\ORVWUDEDMDGRUHVQRFREUDQ

I3

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




<<  

#;":' &$
1; : $?&$!

%XVFD HQ HO FRQYHQLR GH WX


VHFWRU VL HVWDEOHFH DOJXQD
PHMRUDVREUH
 (OSHUPLVRGHPDWHUQLGDG
 (OSHUPLVRGHSDWHUQLGDG

/DGXUDFLyQGHOGHVFDQVRSRUPDWHUQLGDGHVGH4 
 %( SRUSDUWRP~OWLSOH
HQVHPDQDVPiVSRUFDGDKLMRDSDUWLUGHO7DPELpQVHDPSOtDVHPDQDVPiVVLHVGLVFDSDFLWDGR
'HODVVHPDQDV4 
VRQ% (5  \ODVRWUDVGHFLGHODPDGUH
FXiQGRODVGLVIUXWDVLDQWHVRGHVSXpVGHOSDUWR
'HHVDV  
ODPDGUH (  WRGDVRDOJXQDV 
 WDQWRGH
PDQHUDVLPXOWiQHD SRUHMHPSORVHPDQDVFDGDXQRDODYH] RELHQVXFHVLYD SRUHMHPSORSULPHUROD
PDGUH\OXHJRHOSDGUHRWUDV 
1RREVWDQWHODPDGUHSXHGHGHFLGLU  
 FRQHOSDGUH\SHGLUVX
GLVIUXWHHQORVFDVRVGHDFFLGHQWHRHQIHUPHGDGGHOSDGUHDXVHQFLDGHOSDGUHRDEDQGRQRGHODIDPLOLD
VHSDUDFLyQRGLYRUFLRYLROHQFLDGHJpQHURXRWUDVDQiORJDV

C"'#D'" E;&<<<F

3DUDWHQHUDOSHUPLVR\DODSUHVWDFLyQHFRQyPLFDGHOSRUPDWHUQLGDG\
SDWHUQLGDGULHVJRGXUDQWHHO
HPEDUD]RRODFWDQFLDHVQHFHVDULRHQDOJXQRVFDVRV0
 L 

(
,


(QHOFDVRGH +
   HOSDGUHWLHQHGHUHFKRDOGHVFDQVRGHODPDWHUQLGDG6L
+  9VHWLHQHGHUHFKRLJXDOPHQWHDOGHVFDQVRGHPDWHUQLGDGVDOYRTXHODPDGUHGHFLGDD
ODVVHPDQDVUHLQFRUSRUDUVHGHQXHYRDOWUDEDMR
(QHOFDVRGH  (FRQIDOWDGHSHVR\HQDTXHOORVGRQGHVHQHFHVLWD L0

GHPiVGHGtDVHOGHVFDQVRVHDPSOtDWDQWRVGtDVFRPRHOUHFLpQQDFLGRSDVDKRVSLWDOL]DGRFRQ
XQPi[LPRGHVHPDQDVDGLFLRQDOHV
/DPDGUHSXHGHGHFLGLUGLVIUXWDUGHOD 
    GHVSXpVGHODVVHPDQDV
REOLJDWRULDVVLOOHJDDXQDFXHUGRFRQODHPSUHVD\HVGHDOPHQRVHO3RUHMHPSORODVVHPDQDV
TXHTXHGDQGHVSXpVGHODVREOLJDWRULDVGHFLGHWRPDUODVDODODUJiQGRODVDVHPDQDVSHUR
WUDEDMDQGRGXUDQWHHOODVODPLWDGGHODMRUQDGD

3DUD

0HQRUHVGHDxRVQRQHFH
VLWDQKDEHUFRWL]DGR
(QWUH

 \  DxRV  GtDV
HQ ORV  DxRV DQWHULRUHV R
ELHQGtDVHQWRGDODYLGD
ODERUDO
0D\RUHVGHDxRVGtDV

HQORVDxRVDQWHULRUHVRELHQ
 GtDV HQ WRGD OD YLGD ODERUDO
3DUD 
 %
(
  L 
(
  
 

GtDVHQORVDxRVDQWHULRUHVR
GtDVHQWRGDODYLGDODERUDO

<<  

8QDYH]QDOL]DGRHOSHUPLVRODERUDOGHORVGtDVSRUSDWHUQLGDGTXHSDJDODHPSUHVDHOSDGUH
WLHQHGHUHFKRDXQDVXVSHQVLyQGHOFRQWUDWRGH , %(SRUSDWHUQLGDGTXH%  %(0
   G3RUORTXHHOSHULRGRGHGtDVUHDOPHQWHHVXQ \ GRVGtDVTXHSDJDOD
HPSUHVD\GtDVTXHSDJDODVHJXULGDGVRFLDO/RVGtDVGHSDWHUQLGDGVRQLQGHSHQGLHQWHVGHORVGtDV
GHPDWHUQLGDGTXHSXHGDFHGHUOHODPDGUH(OSDGUHQRSXHGHFHGHUVXVGtDVDODPDGUH
(VWRVGtDV ,
HQFDVRGHSDUWRP~OWLSOHHQGtDVPiVSRUFDGDKLMRDSDUWLUGHODVtFRPR
HQFDVRGHTXHVHDGLVFDSDFLWDGR
0LHQWUDVORVGtDVGHSHUPLVRSRUSDWHUQLGDGWLHQHQTXHGLVIUXWDUVHGHVSXpVGHOSDUWRHQORVGtDV
TXHSDJDODVHJXULGDGVRFLDO
 
RGLVIUXWDUVH 

(
   ,

 HVORPiVKDELWXDO VXPDQGRGtDVVHJXLGRV RELHQGXUDQWHODVVHPDQDVGHODPDWHUQLGDGRELHQHVSHUDUVHDTXHWHUPLQHODPDWHUQLGDG
$OLJXDOTXHODPDWHUQLGDGHOSDGUHSXHGHUHDOL]DUOD
   VLHPSUHTXHVHD
DOPHQRVHQHO\OOHJXHDXQDFXHUGRFRQODHPSUHVD3RUHMHPSORHQOXJDUGHGtDVWRPDU
GtDVDOGHODMRUQDGD

: 2 6
-XDQ\-XDQLKDQWHQLGRPHOOL]RVSUHPDWXURVTXHKDQHVWDGRGtDVKRVSLWDOL]DGRV6HSUHJXQWDQFXiQWRVGtDVGHSHUPLVRWLHQHQFDGD
XQRDVtFRPRVLHVSRVLEOHTXH-XDQLOHSDVHVHPDQDVD-XDQXQDYH]WHUPLQHVXSHUPLVRGHSDWHUQLGDG
"(

-XDQLWLHQHGHUHFKRSRUPDWHUQLGDGDGLVIUXWDUGHVHPDQDVPiVRWUDVVHPDQDVSRUHOKLMR$GHPiVDOVHUSUHPDWXURVTXHKDQ
QHFHVLWDGRKRVSLWDOL]DFLyQVHOHDPSOtDQORVGtDVTXHKDQHVWDGRKRVSLWDOL]DGRV7RWDOVHPDQDV\GtDV
-XDQWLHQHGHUHFKRDORVGtDVGHSHUPLVRGHODHPSUHVD\DGtDVSRUSDWHUQLGDGGHODVHJXULGDGVRFLDOTXHVHDPSOtDQHQGtDVSRU
HOKLMR7RWDOGtDV-XDQLOHSXHGHSDVDUVHPDQDVSXHVHOPi[LPRTXHSXHGHUHSDUWLUVRQVHPDQDV\DPERVSDGUHVODVSXHGHQ
GLVIUXWDUVLPXOWiQHDPHQWHHQHVWHFDVRFXDQGR-XDQWHUPLQHVXSDWHUQLGDG

@

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




<<  X



/DVH[FHGHQFLDVVRQXQDVXVSHQVLyQGHOFRQWUDWRD 
  9\DVHDSRUTXHSDVDD
HMHUFHUXQFDUJRS~EOLFRRVLQGLFDOLQFRPSDWLEOHRSRUTXHGHFLGHFXLGDUDIDPLOLDUHVGXUDQWHXQSHULRGR
GH WLHPSR R ELHQ YROXQWDULDPHQWH SRU FXDOTXLHU RWUR PRWLYR SHUVRQDO &DGD XQD WLHQH XQD UHJXODFLyQ
HVSHFtFD

#;":' &$
1; : $?&$!

%XVFD HQ HO FRQYHQLR GH WX


VHFWRUODVPHMRUDVTXHSXHGD
VHxDODUHQFXDQWRDH[FHGHQFLDVVXGXUDFLyQRODUHVHUYD
GHSXHVWR

([FHGHQFLD
IRU]RVD

&XDQGRDOWUDEDMDGRUVHOHGHVLJQDSDUDXQ% 7TXHOHLPSRVLELOLWDODDVLVWHQFLDDOWUDEDMRRHV
HOHJLGRSDUD% 
 SURYLQFLDORVXSHULRU
(
PLHQWUDVGXUDHOFDUJR7LHQHGtDVSDUDUHLQFRUSRUDUVHDVXSXHVWR
.  (VtTXHVHOHUHVHUYD&RPSXWDSDUDOD
%]

([FHGHQFLD
SRUFXLGDGR
GHKLMRV

6HVROLFLWDSDUDHOFXLGDGRGH 
   
(
FRPRPi[LPRKDVWDTXHFXPSODDxRV(OWLHPSRGHPDWHUQLGDGRSDWHUQLGDGQRFXHQWD
.  (HOSULPHUDxRVtVHOHUHVHUYDHOSXHVWRGHWUDEDMR(QHOVHJXQGR\WHUFHUDxRVHOH
UHVHUYDXQSXHVWRGHVXJUXSRSURIHVLRQDORFDWHJRUtDHTXLYDOHQWH
&RPSXWDSDUDOD
%]\WLHQHGHUHFKRDDVLVWLUDORV(  +
GHODHPSUHVD
 
 2 HOXVRGHHVWHGHUHFKRVDOYRTXHGRVWUDEDMDGRUHVGHODHPSUHVDORVROLFLWHQSRUHOPLVPRKLMRGRQGHSRGUiDOHJDUQRFRQFHGHUORSRUUD]RQHVMXVWLFDGDVGHIXQFLRQDPLHQWR

([FHGHQFLD
SRUFXLGDGR
GHIDPLOLDUHV

6HVROLFLWDSDUDHOFXLGDGRGHXQ +  %(


 % TXHSRUPRWLYRVGHHGDGDFFLGHQWHR
HQIHUPHGDGQRSXHGDYDOHUVHSRUVtPLVPR\QRHVWpWUDEDMDQGR
(
FRPRPi[LPRDxRV
.  (HOSULPHUDxRVtWLHQHUHVHUYDGHSXHVWR\DOVHJXQGR VHOHUHVHUYDXQRGHVXJUXSR
SURIHVLRQDO
&RPSXWDSDUDOD
%]\WLHQHGHUHFKRDDVLVWLUDORV(  +
GHODHPSUHVD
 
 2 HOXVRGHHVWHGHUHFKRVDOYRTXHGRVWUDEDMDGRUHVGHODHPSUHVDORVROLFLWHQSRUHOPLVPRIDPLOLDUGRQGHSRGUiDOHJDUQRFRQFHGHUORSRUUD]RQHVMXVWLFDGDVGHIXQFLRQDPLHQWR

([FHGHQFLD
YROXQWDULD

6HVROLFLWDSRU (
  9VLHPSUHTXHWHQJDDOPHQRV (
  
%]HQOD
HPSUHVD
(
XQPtQLPRGHPHVHV\XQPi[LPRGHDxRV1RSXHGHYROYHUDVROLFLWDURWUDKDVWDTXHQR
SDVHQDxRVGHODDQWHULRUH[FHGHQFLD
.  (QRVHOHUHVHUYDHOSXHVWRVRORWLHQHGHUHFKRSUHIHUHQWHGHUHLQJUHVRDODVYDFDQWHV
TXHH[LVWDQRVHSURGX]FDQSRUORTXHVLQRKD\YDFDQWHVQRSXHGHUHLQFRUSRUDUVH(OUHLQJUHVRVHVROLFLWD
FRQXQPHVGHDQWHODFLyQ1RFRPSXWDSDUDOD
%]

: 2 =
6LOYLD-DYLHU\0DULRGHVHDQSHGLUVHXQDH[FHGHQFLDGHOWUDEDMRSRUGLYHUVRVPRWLYRV6LOYLDKDWHUPLQDGRVXGHVFDQVRSRUPDWHUQLGDG\
TXLHUHFXLGDUGHVXKLMRKDVWDTXHFXPSODXQDxRGHHGDG-DYLHUWLHQHDVXPDGUHDQFLDQDHQFDVD\QRFXHQWDFRQD\XGDGHQDGLHSDUD
FXLGDUODSRUORTXHSUHHUHGHMDUGHWUDEDMDUDQWHVTXHVXPXMHUTXHJDQDPiVVXHOGR0DULRDFLRQDGRDODOSLQLVPRHVWiSHQVDQGRHQ
LUVHFRQXQDPLJRDXQYLDMHFHUFDQRDO(YHUHVWGXUDQWHPHVHV/RVVHSUHJXQWDQGXUDQWHFXiQWRWLHPSRVHSXHGHQSHGLUXQDH[FHGHQFLD\FyPRTXHGDUtDVXVLWXDFLyQSDUDYROYHUDODHPSUHVD"(

6LOYLDSHGLUtDXQDH[FHGHQFLDSRUFXLGDGRGHPHQRUGHDxRVWHQLHQGRUHVHUYDGHOSXHVWRHOSULPHUDxR-DYLHUSHGLUtDXQDH[FHGHQFLD
SRUFXLGDGRGHIDPLOLDUGHSULPHUJUDGRGHKDVWDXQPi[LPRGHDxRVHOSULPHUDxRWHQGUtDUHVHUYDGHSXHVWR\HOVHJXQGRDxRVRORGH
VXJUXSRSURIHVLRQDO0DULRGHEHUtDSHGLUXQDH[FHGHQFLDYROXQWDULDDOVHUGHPiVGHPHVHV\VLHPSUHTXHWXYLHVHPiVGHXQDxRGH
DQWLJHGDG1RVHOHUHVHUYDUtDHOSXHVWRVRORWHQGUtDGHUHFKRSUHIHUHQWHGHUHLQJUHVRVLKXELHVHRVHSURGXMHUDQYDFDQWHV

@

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
#;":' &$
1; : $?&$!

%XVFD HQ HO FRQYHQLR GH WX


VHFWRU TXp SOD]R GH SUHDYLVR HVWDEOHFH SDUD TXH XQ
WUDEDMDGRU VH YD\D YROXQWDULDPHQWH DVt FRPR VL VH OH
GHVFXHQWDQ GtDV GH VDODULR
SRULQFXPSOLUHVWHSOD]R




<  X

 

QDOL]DUSRUP~OWLSOHVFDXVDVODVFXDOHVSXHGHQFODVLFDUVHGHOD
# 
#
 
GHOWUDEDMDGRU

#




#




'LPLVLyQ
$EDQGRQR
3RULQFXPSOLPLHQWRGHODHPSUHVD
3RUVHUYtFWLPDGHODYLROHQFLDGHJpQHUR
'HVSLGRGLVFLSOLQDULR
'HVSLGRSRUFDXVDVREMHWLYDV
'HVSLGRFROHFWLYR
'HVSLGRSRUIXHU]DPD\RU
)LQDOL]DFLyQGHOFRQWUDWRWHPSRUDO
0XHUWHMXELODFLyQRLQYDOLGH]GHOHPSUHVDULRRHOWUDEDMDGRU
([WLQFLyQGHODSHUVRQDMXUtGLFDGHODHPSUHVD
0XWXRDFXHUGRRSDFWRYiOLGRHQHOFRQWUDWR

<< - (


  9

@

'LPLVLyQ

(OWUDEDMDGRUSXHGH (

GHODHPSUHVDSDUDORFXDO FRQXQRV
GtDVGHDQWHODFLyQ/RVGtDVFRQFUHWRVGHDQWHODFLyQORVMDHOFRQYHQLR(OFRQYHQLRWDPELpQSXHGHMDUODSRVLELOLGDGGH
  9GtDVGHVDODULRSRUQRKDEHUSUHDYLVDGR
FRQVXFLHQWHWLHPSR
(OWUDEDMDGRU
  

L
VRORORVVDODULRVSRUORTXHKD\DWUDEDMDGR \SDJDVR
YDFDFLRQHVSHQGLHQWHV 

$EDQGRQR

(VSDUHFLGRDODGLPLVLyQSHURHQHVWHFDVRHOWUDEDMDGRU 9    9 


(O
HPSUHVDULROHSXHGHSHGLU 9( HQHOFDVRGHTXHOHRULJLQHSpUGLGDV3RUHMHPSOR
VLXQDYHQGHGRUDGHXQDWLHQGDGHURSDQRDEUHODWLHQGDHOOXQHVHOHPSUHVDULRSHUGHUiODVYHQWDV
GHHVHGtD

,QFXPSOLPLHQWR
JUDYHGHOD
HPSUHVD

6HHQWLHQGHTXHH[LVWHLQFXPSOLPLHQWRJUDYHGHODHPSUHVDSRU

+  %   

(HQHODERQRGHOVDODULR/DMXULVSUXGHQFLDHQWLHQGH
TXHSDUDTXHH[LVWDLPSDJRGHEHQGHH[LVWLUPHQVXDOLGDGHVGHLPSDJRV\TXHORVUHWUDVRVFXDQGRDFXPXODQWRGRVMXQWRVPHVHVWDPELpQVXSRQHQLQFXPSOLPLHQWR
PRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRTXHSURYRTXHXQ 
  ( %

8QD

3RUHMHPSORFDPELDUGHIXQFLRQHVGHGLUHFWRUGHPDUNHWLQJDFRQVHUMH
 
(
 %SRUHMHPSOR
 DOWUDEDMDGRUDQWHXQWUDVODGRLQMXVWR RPREELQJHWF
&XDQGRODHPSUHVDLQFXPSOHHOFRQWUDWRHOWUDEDMDGRUGHEH  >(L% GHOR6RFLDOTXH
VHH[WLQJDHOFRQWUDWR\VLHOMX]JDGRFUHHTXHODH[WLQFLyQHVSURFHGHQWHUHFLELUiXQD 

0
L
  ,SRUDxRWUDEDMDGRFRQXQWRSHPi[LPRGHGtDVGHVDODULRV ODDQWLJHGDG
DQWHULRUDIHEUHURGHFRPSXWDDGtDVGHVDODULRFRQXQWRSHGHGtDV 0LHQWUDVQRKD\D
VHQWHQFLD2 

( 9


9tFWLPD
GHYLROHQFLD
GHJpQHUR

/DWUDEDMDGRUDWLHQHGHUHFKRDQDOL]DUHOFRQWUDWRVLQFREUDULQGHPQL]DFLyQSXHVQRKD\FXOSDELOLGDGGHODHPSUHVDSHURVtTXHSDVDUi (
 




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
C"'#D'" E;&<<<F

/D/H\2UJiQLFDGH0HGLGDVGH3URWHFFLyQ,QWHJUDOFRQWUDOD9LROHQFLDGH*pQHURGHHVWDEOHFHXQDVHULHGH 
SDUDTXHODVPXMHUHVTXHKD\DQVLGRYtFWLPDVGHODYLROHQFLDGHJpQHURSXHGDQFRQFLOLDUODVREOLJDFLRQHVODERUDOHVFRQVXVQHFHVLGDGHV
GHSURWHFFLyQ\UHFXSHUDFLyQORFXDOHVFRPSOHWDGRSRUHO5HDO'HFUHWR
5HRUGHQDFLyQGHVX  9FRQIRUPHDVXVQHFHVLGDGHV
.(
  9
ODERUDO\GHVXVXHOGRGHIRUPDSURSRUFLRQDO
 (
  +  (
(VHFRQVLGHUDQMXVWLFDGDVFXDQGRDVtORGHWHUPLQDQORVVHUYLFLRVVRFLDOHVRGHVDOXG
:  
  9FRQUHVHUYDGHSXHVWRGXUDQWHORVSULPHURVPHVHV
0RYLOLGDGJHRJUiFDVLODHPSUHVDSRVHHFHQWURVGHWUDEDMRHQGLIHUHQWHVWHUULWRULRV
"(

 
FRQUHVHUYDGHSXHVWRGHWUDEDMRFRQGHUHFKRDFREUDUHOGHVHPSOHRGXUDQWHPHVHVDPSOLDEOHD
PHVHVSRUUHVROXFLyQMXGLFLDO
&X

GHOFRQWUDWRFRQGHUHFKRDFREUDUHOGHVHPSOHRSRUYROXQWDGGHODWUDEDMDGRUD

: 2 4
$OH[HVWiFDQVDGRGHTXHODHPSUHVDOOHYHPHVHVVLQSDJDUOHSRUORTXHHOGtDGHDEULOGHFLGHQRLUPiVDWUDEDMDUVLQDYLVDU$ORV
GtDVYXHOYHDODHPSUHVDSDUDTXHOHSDJXHQORVGtDVGHDEULOSHURVHHQFXHQWUDFRQXQDFDUWDGHGHVSLGRSRUIDOWDVGHDVLVWHQFLDDO
WUDEDMR\FRQXQGHVFXHQWRGHGtDVGHVDODULRSRUQRKDEHUSUHDYLVDGRVHJ~QFRQYHQLR7LHQHUD]yQODHPSUHVD"4XpGHEHUtDKDEHU
KHFKRDQWHHOLPSDJRGHODHPSUHVD"
"(

6HWUDWDGHXQDEDQGRQR\QRGHXQDGLPLVLyQ\DTXHQRKDSUHDYLVDGRGHTXHVHLED/DHPSUHVDSXHGHGHVSHGLUOHSRUIDOWDVLQMXVWLFDGDVGHDVLVWHQFLDDGHPiVGHUHGXFLUOHHQGtDVSRUORVGtDVGHSUHDYLVRLQFXPSOLGRVHLQFOXVRSXHGHSHGLUOHGDxRV\SHUMXLFLRVSRUVX
DEDQGRQRGHOWUDEDMR
$OH[GHEHUtDKDEHUVHHVSHUDGRDOOHYDUPHVHVGHLPSDJRV\HQWRQFHVSRQHUXQDGHPDQGDHQHO-X]JDGRGHOR6RFLDO\HVSHUDUVHDOD
VHQWHQFLDSDUDFREUDUXQDLQGHPQL]DFLyQGHGtDVSRUDxRGHVHUYLFLRDGHPiVGHORVPHVHVGHLPSDJR

<< - (


    YH
'H  

6HEDVDHQXQLQFXPSOLPLHQWR% (  9
(OWUDEDMDGRU
   
   

L
VRORSRGUiFREUDUORTXHKD\DWUDEDMDGR DVt
FRPRSDJDVRYDFDFLRQHVSHQGLHQWHV 
1HFHVLWDXQRVUHTXLVLWRVGHIRUPDHOHPSUHVDULRGHEHHQWUHJDUOHXQD  GRQGHFRQVWHQORVKHFKRVFRQFUHWRV\ODIHFKDHQTXHWHQGUiHIHFWRHOGHVSLGR
      

/DVIDOWDVUHSHWLGDVHLQMXVWLFDGDVGH
  (
( DOWUDEDMRTXHHVWDEOH]FDHOFRQYHQLRFRPRIDOWDPX\JUDYH
/DLQGLVFLSOLQDR
HQHOWUDEDMR
 +
   +,DOHPSUHVDULRWUDEDMDGRUHVRIDPLOLDUHVGHHOORV
(ODEXVRGHFRQDQ]D\ODWUDQVJUHVLyQGHODEXHQDIHFRQWUDFWXDO
 
(
FRQWLQXDGD\YROXQWDULDHQHO

QRUPDOGHOWUDEDMR
 %(LKDELWXDORX
,TXHDIHFWHQHJDWLYDPHQWHHQHOWUDEDMR
3RUHOUDFLDOpWQLFRSRUPRWLYRVGHUHOLJLyQGLVFDSDFLGDGHGDG\RRULHQWDFLyQVH[XDODOHPSUHVDULRRDORVWUDEDMDGRUHVGHODHPSUHVD
(VWDVIDOWDVVRQFRQFUHWDGDVSRUHO 

 DVtFRPRSRUODV 

 9(
LQWHUSUHWDQGRORVKHFKRVHQFDGDFRQWH[WR

#;":' &$
1; : $?&$!

%XVFDHQHOFRQYHQLRGHWX
VHFWRUFXiQGRVHFRQVLGHUD
PX\JUDYH
)DOWDU DO WUDEDMR R OOHJDU
WDUGH
'HVREHGHFHU ODV LQVWUXFFLRQHVGHODHPSUHVD
$EXVR GH FRQDQ]D SRU
SDUWHGHOWUDEDMDGRU
2IHQVDV DO HPSUHVDULR R
ORVWUDEDMDGRUHV

@

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
D>'1&

(Q HO GHVSLGR GLVFLSOLQDULR


VLHOWUDEDMDGRUHV
8Q UHSUHVHQWDQWH GH ORV
WUDEDMDGRUHV KD\ TXH
DEULU XQ H[SHGLHQWH FRQWUDGLFWRULR TXH FRQVLVWH
HQ TXH OD HPSUHVD GHEH
HVFXFKDU SUHYLDPHQWH DO
LQWHUHVDGR \ DO UHVWR GH
UHSUHVHQWDQWHV DQWHV GH
GHVSHGLUOR
8Q WUDEDMDGRU DOLDGR D
XQ VLQGLFDWR OD HPSUHVD
GHEH GDU DXGLHQFLD D ORV
UHSUHVHQWDQWHV GH VX VLQGLFDWRHQODHPSUHVD




#H . (
 
  9(L%
(VWH SURFHGLPLHQWR YD D VHU FRP~Q D RWUDV UHFODPDFLRQHV GHO WUDEDMDGRU LQGLYLGXDO IUHQWH D FXDOTXLHU
GHVSLGR
7UiPLWHVTXHGHEHUHDOL]DUHOWUDEDMDGRU
'HEHSUHVHQWDUXQD 
 
 >(L%GHOR6RFLDOHQHOSOD]RGH  , 2VLQ
FRQWDUGRPLQJRVQLIHVWLYRV
- 
GHEHKDEHU(  "<)<'<: 6HUYLFLRGH0HGLDFLyQ$UELWUDMH\&RQFLOLDFLyQ SDUD

OOHJDUDXQ(FRQODHPSUHVD FRQFLOLDUVH 

(QHOFDVRGHTXH
     ")':HQHO-X]JDGROHVHxDODUiQTXHQRSXHGHLQWHUSRQHUOD
GHPDQGDKDVWDTXHQRLQWHQWHODFRQFLOLDFLyQ
4XpVXFHGHFRQORVSOD]RVPLHQWUDVVHDFXGHDO60$&"
(OSOD]RGHORVGtDVKiELOHVSDUDSRQHUODGHPDQGD 
FXDQGRVHSUHVHQWDODSDSHOHWDGH
FRQFLOLDFLyQHQHO60$&KDVWDTXHVHSURGX]FDHODFWRGHFRQFLOLDFLyQ
8QD YH] QDOL]D HO 60$& VLQ DFXHUGR R ELHQ VL QR VH SUHVHQWD OD HPSUHVD  L ( 

( GHVGHHOGtDHQTXHVHTXHGyGHWHQLGRDODFXGLUDO60$&
3RURWURODGRHO2XGHGtDVTXHSXHGHTXHGDUGHWHQLGRHOSOD]RHVGH= ,
+D\TXHSDJDUWDVDVMXGLFLDOHV"
(QODSULPHUDGHPDQGDTXHVHLQWHUSRQHHQHO-X]JDGRGHOR6RFLDOQRKD\TXHSDJDUWDVDV
6tTXHKDEUtDTXH%  (  

 DQWHHO7ULEXQDO6XSHULRUGH-XVWLFLD
(QDEULOGHODVWDVDVSDUDUHFXUULUVRQGH R  (
 
 
(  =R
   RSHUVRQDVMXUtGLFDV$GHPiVVHOHVXPDXQDFDQWLGDGYDULDEOHVHJ~QODFDQWLGDGUHFXUULGDTXHSDUDODVSHUVRQDVLQGLYLGXDOHVHVGHO\SDUDODVHPSUHVDVGHO

: 2 I
5RVDKDVLGRGHVSHGLGDHOOXQHVGHIHEUHURSRUPRWLYRVGLVFLSOLQDULRVVLQHPEDUJRQRHVWiFRQIRUPHSRUORTXHTXLHUHUHFODPDUHOGHVSLGR
4XpWUiPLWHVGHEHUHDOL]DU\GHTXpSOD]RGLVSRQHSDUDHOOR"
"(

'HEHUiSUHVHQWDUXQDGHPDQGDHQHO-X]JDGRGHOR6RFLDOSHURDQWHVWHQGUiTXHDFXGLUDO60$&SDUDLQWHQWDUOOHJDUDXQDFXHUGRFRQOD
HPSUHVD(OSOD]RGHOTXHGLVSRQHHVGHGtDVKiELOHVGHOXQHVDViEDGRHQHOPHVGHIHEUHUR$OVHUGHVSHGLGDHOOXQHVGHIHEUHURHO
SOD]RHPSLH]DDFRQWDUHOGtD\QDOL]DHOPLpUFROHVGHIHEUHUR

:H - 

  >(L%
8QDYH]FHOHEUDGRHOMXLFLRHO-X]JDGRGHOR6RFLDOSXHGHGLFWDUXQDGHHVWDV 



'HVSLGRSURFHGHQWH
3RVLEOHV
VHQWHQFLDV

'HVSLGRLPSURFHGHQWH
'HVSLGRQXOR

'HVSLGR
SURFHGHQWH

@6

([LVWH( 9(SDUDGHVSHGLUDOWUDEDMDGRU\VHKDHQWUHJDGR  


(OWUDEDMDGRU
 LQGHPQL]DFLyQSRUGHVSLGR




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
'HVSLGR
LPSURFHGHQWH
FDXVDV

3XHGH VHU SRU  ( R SRUTXH QR TXHGD DFUHGLWDGR HO LQFXPSOLPLHQWR GHO WUDEDMDGRU R
SRUTXHODHPSUHVDQROHKL]RODFDUWDGHGHVSLGR
  
  



L
  ,GHVDODULRSRUDxRFRQXQPi[LPRGHGtDV
RSDJDUXQD

DOWUDEDMDGRU\SDJDUOHORV  
 ORVVDODULRVFRPRVLKXELHRELHQ

VHHVWDGRWUDEDMDQGRGHVGHODIHFKDGHGHVSLGRKDVWDODQRWLFDFLyQGHODVHQWHQFLD 
6LHOWUDEDMDGRUHV

   9HVpVWHHOTXHHOLJHVLYXHOYHDOWUDEDMR
RFREUDODLQGHPQL]DFLyQQRODHPSUHVD
6LHVLPSURFHGHQWHSRU+   KDELHQGRPRWLYRVSDUDHOGHVSLGR HO-X]JDGROHFRQFHGH
DODHPSUHVDODRSFLyQGHUHDGPLWLUOR\GHVSHGLUORHQHOSOD]RGHGtDVSRUORVDQWHULRUHVPRWLYRV
SHURFRQFDUWDVLHQGRYiOLGRHOGHVSLGRGLVFLSOLQDULR

'HVSLGR
LPSURFHGHQWH
LQGHPQL]DFLyQ
\VDODULRV

4XpVXFHGHFRQOD
%] 
   +GHIHEUHURGH"/RVDxRVDQWHULRUHV
FRPSXWDQDGtDVFRQXQPi[LPRPHQVXDOLGDGHV GtDV \DSDUWLUGHIHEUHURGH
DGtDVFRQXQPi[LPRGHPHQVXDOLGDGHV GtDV 6LHOWRWDO\DKDEtDSDVDGRORVGtDV
VHTXHGDODLQGHPQL]DFLyQKDVWDGRQGHOOHJy)tMDWHHQHOFXDGURGHOODWHUDOSDUDYHUODVIHFKDVGH
FRQWUDWDFLyQGHOWUDEDMDGRU

    

 9DQWHVGHODVHQWHQFLD
3RUTXHHQFXHQWUH

 3 ,HOH[FHVRGHGtDVSRGUiUHFODPDUORVODHPSUHVDDO
6LODVHQWHQFLDVHGLFWDPiVDOOiGH

(VWDGRGHELGRDTXHKDVLGROD$GPLQLVWUDFLyQGH-XVWLFLDODTXHKDSURORQJDGRHOSURFHVR

 %2    


   %
+D\TXHUHFRUGDUTXHODHPSUHVD



L


D>'1&

&yPRDIHFWDODDQWLJHGDG
DQWHULRUDSDUDFREUDU
HOPi[LPRGHGtDVGHLQGHPQL]DFLyQSRUGHVSLGRLPSURFHGHQWH"
/RVFRQWUDWRVDQWHULRUHVD
VtTXHFREUDQHOPi[LPRGHGtDV
/RV FRQWUDWRV HQWUH 
\FREUDQODFDQWLGDG
HQWUH\GtDVHQ
TXHVHKXELHVHQTXHGDGR
SRUVXDQWLJHGDG
/RV FRQWUDWRV UPDGRV
GHVSXpV GH  WLHQHQ
FRPRWRSHORVGtDV

'HVSLGR
QXOR

6HSURGXFHFXDQGRVHGDXQRGHORVVLJXLHQWHV


 
   +(



&XDQGRVHSURGXFHXQD

WUDEDMDGRUFRPRSRUHMHPSORODOLPLWDFLyQGHOGHUHFKRDKXHOJD
  HVSRUVHUPXMHUHPEDUD]DGDHQGHVFDQVRGHPDWHUQLGDGSRU
&XDQGRHO

SDWHUQLGDGSRUVROLFLWDUHOSHUPLVRGHODFWDQFLDSRUUHGXFLUODMRUQDGDSRUFXLGDGRGHKLMRVRIDPLOLDUHVSRUVXVSHQGHUHOFRQWUDWRSRUULHVJRGXUDQWHHOHPEDUD]RRGXUDQWHODODFWDQFLD(QFDVRGH
YROYHUGHPDWHUQLGDGRSDWHUQLGDGVHPDQWLHQHGXUDQWHORVPHVHVVLJXLHQWHV
(OHPSUHVDULRGHEHUi DOWUDEDMDGRU\OHSDJDUiORV  

FRPRVLKXELHVHHVWDGRWUDEDMDQGRGHVGHODIHFKDGHOGHVSLGRKDVWDTXHYXHOYHDOWUDEDMR

@=

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




: 2 @
5RVDTXHKDVLGRGHVSHGLGDSRUPRWLYRVGLVFLSOLQDULRVSUHVHQWDHQWLHPSR\IRUPDODFRQFLOLDFLyQDQWHHO60$&\GHVSXpVODGHPDQGD
HQHO-X]JDGRGHOR6RFLDO(QHOMXLFLRQRVHGHPXHVWUDTXH5RVDKD\DLQFXPSOLGRQLQJXQDGHVXVREOLJDFLRQHV\VHGHFODUDHOGHVSLGR
LPSURFHGHQWH
D 4XpRSFLRQHVOHGDUiHO-X]JDGRDOHPSUHVDULR"
E 6LWXYLHVHXQDDQWLJHGDGGHDxRVDQWHULRUDO\XQVDODULRGHDOGtD LQFOXLGDVSDJDVH[WUDV DFXiQWRDVFHQGHUtDODLQGHPQL]DFLyQ"
F 6LODVHQWHQFLDVHKXELHVHGLFWDGRGtDVGHVSXpVGHSURGXFLUVHHOGHVSLGRTXpVXFHGHUtDFRQORVVDODULRVGHWUDPLWDFLyQ"
"(

D /HGDUiODRSFLyQGHTXHHQHOSOD]RGHGtDVGHFLGDHQWUHUHDGPLWLUOD\SDJDUOHORVVDODULRVGHWUDPLWDFLyQRELHQSDJDUOHODLQGHPQL]DFLyQSRUGHVSLGRGHGtDVSRUDxRSRUVHUDQWHULRUDODUHIRUPDGHIHEUHURGH
E /DLQGHPQL]DFLyQVHUiGtDV[[DxRV /RVGtDVQRVXSHUDQHOOtPLWHGHDOVHU[ GtDV
F $OGLFWDUVHVHQWHQFLDWUDQVFXUULGRVGtDVGHVGHHOGHVSLGRHQHOFDVRGHTXHODHPSUHVDGHFLGLHVHUHDGPLWLUOD\SDJDUOHVDODULRVGH
WUDPLWDFLyQOHSRGUtDUHFODPDUDO(VWDGRHOH[FHVRGHGtDVRVHDGtDVGHVDODULRVGHWUDPLWDFLyQ

H   ( 9


1RVHEDVDHQXQLQFXPSOLPLHQWRGHOWUDEDMDGRUVLQRHQTXHDSDUHFHQXQDV(

 9TXHVRQ

@4

,QHSWLWXGGHO
WUDEDMDGRU

4XHVHDFRQRFLGDRVREUHYHQLGD(5    (


3RUHMHPSORTXHGHELGRDXQDFFLGHQWHHOWUDEDMDGRUTXHGHFRQXQDGLVFDSDFLGDGTXHOHLPSLGDWUDEDMDU

)DOWDGH
DGDSWDFLyQ

  
 GHO WUDEDMDGRU D ODV PRGLFDFLRQHV WpFQLFDV GH VX SXHVWR GH WUDEDMR
FXDQGR GLFKRV FDPELRV VHDQ UD]RQDEOHV VLHPSUH TXH KXELHVHQ (  


PRGLFDFLyQ
3UHYLDPHQWHHOHPSUHVDULRGHEHUi+ (
(GLULJLGRDIDFLOLWDUODDGDSWDFLyQ'XUDQWHGLFKR
FXUVRHOFRQWUDWRTXHGDUiVXVSHQGLGRSDVDQGRDFREUDUHOVDODULRPHGLRTXHYLQLHVHSHUFLELHQGR

)DOWDVGH
DVLVWHQFLD

)DOWDVGHDVLVWHQFLDD~QMXVWLFDGDVSHURLQWHUPLWHQWHVGH 2  G GHODVMRUQDGDV


KiELOHVHQPHVHVVHJXLGRVRGHOHQPHVHVQRVHJXLGRVHQHOSHULRGRGHXQDxR
/DVIDOWDVGHDVLVWHQFLDTXH
 (

ODVGHELGDVDKXHOJDHMHUFLFLRGHUHSUHVHQWDFLyQ
GHWUDEDMDGRUHVDFFLGHQWHGHWUDEDMRPDWHUQLGDGSDWHUQLGDGULHVJRGXUDQWHHOHPEDUD]R\ODODFWDQFLDEDMDSRUHQIHUPHGDGFDXVDGDGXUDQWHHOHPEDUD]RSDUWRRODFWDQFLDOLFHQFLDV\SHUPLVRV
YDFDFLRQHVYLROHQFLDGHJpQHUR\DTXHOODVEDMDVGHPiVGHGtDVVHJXLGRVGHELGRDHQIHUPHGDG
\DFFLGHQWHQRODERUDO ODVGHPHQRVGHGtDVVtTXHFXHQWDQ DVtFRPRSRUHQIHUPHGDGJUDYHR
PRWLYDGDSRUFiQFHU

)LQDOL]DFLyQ
FRQWUDWD
S~EOLFD

3RUQDOL]DFLyQGHODFRQFHVLyQGHOFRQWUDWRFRQXQD
 7FXDQGRHOFRQWUDWRHVWi
VXSHGLWDGRDTXHODHPSUHVD
(  
 
(
 
 7TXHOHVXEYHQFLRQD
ORVVHUYLFLRV SRUHMHPSORXQD\XQWDPLHQWRTXHXQDxRQRUHQXHYDODFRQWUDWDFRQXQDHPSUHVDGH
MDUGLQHUtD 




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
C"'#D'" E;&<<<F

3DUDSRGHUVHUGHVSHGLGRSRUIDOWDVGHDVLVWHQFLDGHELGDVDEDMDVODERUDOHVMXVWLFDGDVGHEHUtDQGDUVHSRUHMHPSORODVVLJXLHQWHV
FLUFXQVWDQFLDV
6LHQ KD\VHPDQDVGHGtDVODERUDEOHV MRUQDGDV
8QVHUtDQGtDVODERUDEOHV
(VWDU 9  , VHUtDPRWLYRVXFLHQWHVLHPSUHTXHODVEDMDVQRVHDQGHPiVGHGtDVQDWXUDOHVVHJXLGRVHQ
FX\RFDVRQRFRQWDUtDQ

$PRUWL]DU
SXHVWRVGH
WUDEDMR

&XDQGRH[LVWDODQHFHVLGDGGHL (  9SRUUD]RQHVWpFQLFDVRUJDQL]DWLYDVHFRQyPLFDVRGHSURGXFFLyQ


( 
FXDQGRGHORVUHVXOWDGRVVHGHVSUHQGDXQDVLWXDFLyQHFRQyPLFD
([LVWHQ

QHJDWLYDFRPR 5DFWXDOHVRSUHYLVWDVR 
(

   
%
RYHQWDVTXHVHSURGX]FDGXUDQWH   
(FRPSDUDGRVFRQORVPLVPRV
WULPHVWUHVGHODxRDQWHULRU
:( 5
FDPELRVHQORVPHGLRVRLQVWUXPHQWRVGHSURGXFFLyQ SRUHMHPSORVHLQVWDODQ
URERWV 
:( %
LFDPELRVHQORVVLVWHPDV\PpWRGRVGHWUDEDMRGHOSHUVRQDORHQHOPRGR
GHRUJDQL]DUODSURGXFFLyQ SRUHMHPSORVHFDPELDHORUJDQLJUDPDGHODHPSUHVD\VHMXQWDQGRV
GHSDUWDPHQWRV 
:( (FDPELRVHQODGHPDQGDGHSURGXFWRVRVHUYLFLRVTXHODHPSUHVDSUHWHQGH
FRORFDUHQHOPHUFDGR SRUHMHPSORVHGHMDGHIDEULFDUXQPRGHORGHFRFKH\VHFLHUUDHVDVHFFLyQ
HQODIiEULFD 
5

 
ODFRPSHWLWLYLGDGOD
6HHQWLHQGHTXHH[LVWHQHVWDVFDXVDVFXDQGR

SURGXFWLYLGDGRODRUJDQL]DFLyQWpFQLFDRGHOWUDEDMRHQODHPSUHVD

 UHTXLVLWRVGHIRUPDTXHVHH[LJHQVRQ
(OHPSUHVDULRWLHQHTXHHQWUHJDUOD  
'HEH 
= ,  

DOWUDEDMDGRU6LQROHDYLVDGHEHUtDSDJDUOHHVRVGtDV
GHVDODULR'XUDQWHHVWHWLHPSRHOWUDEDMDGRUGLVSRQHGHKRUDVDODVHPDQDSDUDEXVFDURWURWUDEDMR
-XQWRDODFDUWDGHEHHQWUHJDUOHXQD 

L
  ,GHVDODULRSRUDxRWUDEDMDGRFRQ
XQPi[LPRGHGtDV HOPi[LPRVHDOFDQ]DDORVDxRVGHDQWLJHGDG 
(OSURFHGLPLHQWRGH 
+
  HVHOPLVPRTXHHQHOGHVSLGRGLVFLSOLQDULRVL
ELHQH[LVWHQDOJXQDV+
 
(
   


5HFODPDFLyQ\WLSRVGHVHQWHQFLD
(OWUDEDMDGRU (   FRQHOPLVPRSURFHGLPLHQWRYLVWRDQWHV6LHO-X]JDGR
HVWDEOHFHTXHHOGHVSLGRHV
ODWLHQH 

GHEHGHYROYHUODLQGHPQL]DFLyQFREUDGDGHGtDVSRUDxR SHUR
6LHOWUDEDMDGRUHV

FREUDORVVDODULRVGHWUDPLWDFLyQSRUUHDGPLVLyQ 
%  

L
\QRUHDGPLWLUOHFRPR\DOHKDSDJDGRGtDV
6LHOHPSUHVDULRGHFLGH

GHEHSDJDUOHORVRWURVTXHIDOWDQKDVWDORVGtDV VDOYRTXHWHQJDXQDDQWLJHGDGDQWHULRUD
IHEUHURGHHQFX\RFDVRVHUiGHGtDVSRUDxR 
R
  QRHVLPSURFHGHQWHHOGHVSLGRSHURHOWUDEDMDGRUPDQWLHQHHOGHUHFKRDUHFODPDU
ORVVDODULRVGHHVRVGtDVSRUQRSUHDYLVDUFRQWLHPSR
/DVFDXVDV\HIHFWRVGHO
(VRQODVPLVPDVTXHHQHOGHVSLGRGLVFLSOLQDULR

@I

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




: 2 3
,QGLFDTXpFDXVDREMHWLYDSXHGHVHUDOHJDGDSRUODHPSUHVDHQORVVLJXLHQWHVFDVRV
D 1RDSUHQGHUHOIXQFLRQDPLHQWRGHXQDQXHYDPiTXLQDLQVWDODGDKDFHPHVHVKDELHQGRUHDOL]DGRXQFXUVRGHIRUPDFLyQ
E )DOWDUDOWUDEDMRHQORVPHVHVGHHQHUR\IHEUHURSRUXQUHVIULDGRGXUDQWHGtDVODERUDEOHV\SRUGRORUGHHVSDOGDQRDFKDFDEOHDOWUDEDMR
GXUDQWHRWURVGtDVODERUDEOHV(QORVPHVHVKD\GtDVODERUDEOHVHQODHPSUHVD
F 8QDHPSUHVDVXVWLWX\HDORVWUDEDMDGRUHVGHODFDMDSRUFDMHURVDXWRPiWLFRV
G /DVYHQWDVGHFRVPpWLFRVKDQGLVPLQXLGRGXUDQWHWULPHVWUHVFRQVHFXWLYRV\VHYDQDGHVSHGLUDGHSHQGLHQWDV
"(

D 3RUIDOWDGHDGDSWDFLyQDORVFDPELRVWHFQROyJLFRVXQDYH]SDVDGRVPHVHV\KDELHQGRUHDOL]DGRODIRUPDFLyQ
E 3RUIDOWDVGHDVLVWHQFLDDXQTXHVHDQMXVWLFDGDVGHPiVGHOGHODVMRUQDGDVKiELOHVHQPHVHVHO
F 3RUDPRUWL]DFLyQGHSXHVWRVGHWUDEDMRSRUFDXVDVWHFQROyJLFDVLQFRUSRUDFLyQGHQXHYDWHFQRORJtD
G 3RUDPRUWL]DFLyQGHSXHVWRVGHWUDEDMRSRUFDXVDVHFRQyPLFDVEDMDGDGHYHQWDVHQWULPHVWUHVFRQVHFXWLYRV

&H  


&XDQGRVHWUDWDGHXQ   L
 5
 %
L 
   0
GXFFLyQSHURTXHDIHFWDDPXFKRVWUDEDMDGRUHV&XiQWRV"
C"'#D'" E;&<<<F

4XHVHDWRGDODSODQWLOODVLVRQPiVGH VLWRGDODSODQWLOODVRQRHVREMHWLYR 
&XDQGRVHDQGHVSHGLGRVHQXQSHULRGRGHGtDV

&XDQGRHQXQ(5(VHGHVSLGHQDPiVGHWUDEDMDGRUHV HV REOLJDWRULR RIUHFHU XQ


SODQGHUHFRORFDFLyQJUDWXLWR
D WUDYpV GH HPSUHVDV HVSHFLDOL]DGDV HQ RULHQWDFLyQ
SURIHVLRQDO \ E~VTXHGD GH
HPSOHRHOFXDOGHEHGXUDUDO
PHQRVPHVHV

WUDEDMDGRUHVRPiVHQHPSUHVDVGHPHQRVGHWUDEDMDGRUHV

(OGHODSODQWLOODHQHPSUHVDVGHHQWUH\WUDEDMDGRUHV

WUDEDMDGRUHVRPiVHQHPSUHVDVGHPiVGHWUDEDMDGRUHV

6LODHPSUHVDGHVSLGHSRFRDSRFRHQSHULRGRVVXFHVLYRVGHGtDVDXQQ~PHURLQIHULRU
GHWUDEDMDGRUHVSDUDHYLWDUTXHVHFRQVLGHUHFROHFWLYR \DVtHYLWDUODWUDPLWDFLyQGHXQ
(5( LQFXUUHHQIUDXGHGHOH\\ORVTXHVXSHUDQHVDFDQWLGDGVRQFRQVLGHUDGRVQXORV
6HFREUDOD  

L
TXHDQWHV ,SRUFDGDDxRWUDEDMDGRFRQXQPi[LPRGH
GtDVGHVDODULR HOPi[LPRVHDOFDQ]DDORVDxRVGHDQWLJHGDG 
(O
FRQVLVWHHQOD
 &<.<&< ([SHGLHQWHGH5HJXODFLyQGH(PSOHR TXH
FRQODUHIRUPDODERUDOGHKDTXHGDGRFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV

$EULUXQ 

(

&RPXQLFDFLyQDOD
'( 

@@

&RQHO5GHHPSUHVD RVLQGLFDWRV GXUDQWHXQSHULRGRPi[LPRGHGtDV GtDVVLWLHQHPHQRV


GHWUDEDMDGRUHV 
/DHPSUHVDOHUHPLWHDOFRPLWpHO
7    %( +
DOTXHSHUWHQHFHQ
DVtFRPRORVFULWHULRVTXHKDWHQLGRHQFXHQWDSDUDGHVLJQDUDHVRVWUDEDMDGRUHV7DPELpQOHUHPLWHXQD
 XGHODVFDXVDV\OD +  GHGHVSLGR
 

GHORVWUDEDMDGRUHVWLHQHQSULRULGDGGHSHUPDQHQFLD
6HGHEH
%GHEXHQDIHSDUDLQWHQWDUUHGXFLUVXVFRQVHFXHQFLDVFRPRSRUHMHPSORFRQSODQHV
GHIRUPDFLyQ\GHUHFRORFDFLyQ
/DHPSUHVD(
   '(  TXHYDDUHDOL]DUHO(5(ODFXDOSXHGHUHDOL]DU0

\UHFRPHQGDFLRQHVSHUR
 ( L  
 &.&\DTXHpVWD\D
QRDSUXHEDHO(5(FRPRDQWHULRUPHQWH
(O5 ( (%
   DQWHHO7ULEXQDO6XSHULRUGH-XVWLFLD(OSURFHGLPLHQWRVHWUDPLWDFRPRXUJHQWH
 9 VHUiQDYLVDGRVPHGLDQWHFDUWDGHGHVSLGR 
 , GHDQWHODFLyQDQWHVGHOD
IHFKDGHOGHVSLGRGHVGHTXHVHDEUHHOSHULRGRGHFRQVXOWDV




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B

: 2 
6HxDODHQODVVLJXLHQWHVHPSUHVDVTXHYDQDUHDOL]DUXQGHVSLGRSRUFDXVDVHFRQyPLFDVGHELGRDODGLVPLQXFLyQGHODVYHQWDVGXUDQWHXQ
DxRUHVSHFWRDODxRDQWHULRUTXpWLSRGHGHVSLGRVHWUDWDHQFDGDFDVRVLHVSRUFDXVDVREMHWLYDVRHVFROHFWLYR
D 8QDHPSUHVDGHWUDEDMDGRUHVTXHGHVSLGHDWUDEDMDGRUHV
E 8QDHPSUHVDGHWUDEDMDGRUHVTXHGHVSLGHLJXDOPHQWHDWUDEDMDGRUHV
"(

D (QHVWHFDVRDOWHQHUXQDSODQWLOODGHHQWUH\SDUDTXHVHDFROHFWLYRKD\TXHGHVSHGLUDOPHQRVDOGHODSODQWLOODTXHHQ
HVWHFDVRVRQWUDEDMDGRUHV&RPRHOGHVSLGRVHTXHGDHQQRHVFROHFWLYRVLQRSRUFDXVDVREMHWLYDV
E (QHVWHRWURODSODQWLOODHVLQIHULRUDWUDEDMDGRUHVFRQORTXHSDUDTXHVHDFROHFWLYRKD\TXHGHVSHGLUDOPHQRVDWUDEDMDGRUHV QR
HO $OGHVSHGLUDWUDEDMDGRUHVVtTXHHVGHVSLGRFROHFWLYR

H   +(L  


6HGHEHDXQKHFKRLQYROXQWDULRHLPSUHYLVLEOHTXHLPSLGHFRQWLQXDUGHPDQHUDGHQLWLYDFRQHO
WUDEDMR3RUHMHPSORVH TXHPDODHPSUHVDRVHLQXQGD6LVHSXGLHUDFRQWLQXDUFRQHOWUDEDMRDO
FDERGHXQWLHPSRVH (
,
ORVFRQWUDWRVGXUDQWHHVHWLHPSRORVWUDEDMDGRUHVSDVDUtDQDO
SDUR\OXHJRYROYHUtDQDWUDEDMDU
6HFREUDWDPELpQXQD

L
  ,VSRUDxRWUDEDMDGRPi[LPRGtDV
1RKD\TXHDSUREDUXQ(5(VROR  
,  (

  '( ODFXDO
GHEHFRQVWDWDUORVKHFKRVHQHOSOD]RGHGtDV
(O  J'"'SXHGHDFRUGDUSDJDUWRGRRSDUWHGHODLQGHPQL]DFLyQHQHOFDVRGHTXHODHPSUHVDQR
SXHGDSDJDUOD

JH -%   J'"'  (


    

L

(QHOWHPDYLPRVTXHFXDQGRH[LVWHXQGHVSLGRSRUFDXVDVREMHWLYDVRXQGHVSLGRFROHFWLYRODV0
  
  = 9SXHGHQSHGLUOD (
  J'"'
@ , 
 

L
SDJDGDDORVWUDEDMDGRUHV VREUHORVSDJDGRV SRUORVFRQWUDWRVH[WLQJXLGRV
(O)2*$6$
 %2HQDTXHOORVFDVRVHQTXHORVGHVSLGRVKD\DQVLGRGHFODUDGRV
0
HQFRQFLOLDFLyQSUHYLDRSRUVHQWHQFLDMXGLFLDO

(OQLTXLWR
/RVWUDEDMDGRUHVWLHQHQGHUHFKRDFREUDUHOQLTXLWRFXDQGRQDOL]DHOFRQWUDWRELHQSRUTXHWHUPLQy
XQFRQWUDWRWHPSRUDORELHQSRUTXHODHPSUHVDRHOWUDEDMDGRUGHFLGLHURQQDOL]DUDQWHVGHWLHPSRHOFRQWUDWRWDOFRPRKHPRVYLVWRHQHOWHPD4XpFDQWLGDGHVVHFREUDQHQHOQLTXLWR"
&DQWLGDGHVDUHFLELUHQXQQLTXLWR
$ /RVSRUORVGtDVWUDEDMDGRVHQHO~OWLPRPHV\SHQGLHQWHVGHFREUDU
% /DSDUWHSURSRUFLRQDOGH% X 

GHFREUDU
& /RVVDODULRVSRUODV

 +(
' (QVXFDVRVLSURFHGHOD

L
 TXHVHUiODVLJXLHQWH

QLQJXQD
3RUPRWLYRV

9   +(L  GtDVSRUDxR
3RUFDXVDV


 (
GtDVSRUDxR FRQODVDOYHGDGGHORV
3RUVHQWHQFLDTXHGHFODUH

GtDVSDUDODDQWLJHGDGDQWHULRUDIHEUHURGH 

    
(OGtDVSDUDGtDVSDUDGtDVSDUD
3RUQDOL]DFLyQGH

\GtDVGHOHQDGHODQWH

C"'#D'" E;&<<<F

(VXQDSUiFWLFDKDELWXDOTXH
FXDQGR ORV WUDEDMDGRUHV WLHQHQGXGDVVREUHODFDQWLGDG
GHO QLTXLWR DFHSWDQ UPDUOR \ UHFRJHU HO GLQHUR SHUR
DxDGLHQGRDOODGRGHODUPD
XQQRFRQIRUPHSDUDUHVHUYDUVHHOGHUHFKRDUHYLVDUHO
QLTXLWRSRVWHULRUPHQWH

@3

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B




: 2 
&DOFXODHOQLTXLWRGHOVLJXLHQWHWUDEDMDGRUTXHKDVLGRGHVSHGLGRSRUFDXVDVREMHWLYDVHOGtDGHDEULO\QRKDGLVIUXWDGRGHVXVYDFDFLRQHV
6DODULREDVH 

3OXVFRQYHQLR 

3OXVWUDQVSRUWH

5HFLEHSDJDVH[WUDVDODxRGHVDODULREDVHODVFXDOHVHVWiQSURUUDWHDGDVDORODUJRGHODxR
(VWDEDLQGHQLGRFRQXQDDQWLJHGDGGHDxRV\PHGLR
6HOHUHWLHQHXQ,53)GHO

" ;:!U$
'H "''.! " - .  " D'" 1.'#'>' " &$ & ^1!) )&"

&RPRHVKDELWXDOTXHHOFRQWUDWRQDOLFHDQWHVGHTXHWHUPLQHHOPHVHOWUDEDMDGRUGHEHFREUDUORVGtDVTXHKDWUDEDMDGRDXQTXHQROOHJXHDO
PHVFRPSOHWR3DUDHOORFDOFXODPRV(


   ,
'H &  (
"  [ 4R<
-( 

 [ 4R
-( 
 [ 4R

3DJDH[WUDSURUUDWHDGD+D\TXHFDOFXODUXQDSDJDH[WUDHQWHUDGLYLGLUODSRUPHVHV\GHVSXpVFDOFXODUODSDUWHTXHFRUUHVSRQGHDORV
GtDVGHHVHPHV
SDJDHQWHUD VDODULREDVH 
-% X   DOPHV&RPRWUDEDMDGtDV[ 4R<
1  ( VDODULREDVHSOXVFRQYHQLRSOXVWUDQVSRUWHSDJDH[WUDSURUUDWHDGD  =4R

3HURFRPRHQWRGDQyPLQDKD\TXHGHVFRQWDUODVHJXULGDGVRFLDO\HO,53)GHHVRVGtDVGHVDODULR
'H  %( 
#::: VDODULREDVHSOXVFRQYHQLRSDJDH[WUDSURUUDWHDGD  6@R

(O(  

 LSRUTXHQRVXSHUDHOGHO,35(0  DOPHVFREUDTXHHVLQIHULRU
1RKD\KRUDVH[WUDV\FRLQFLGHOD%&&&FRQOD%&&3 (VWiGHQWURGHORVWRSHV
:(

:

%
 (
 %&&& =4R
 %&&3 I66R
- %&&3 6@R
1 %(   6@R
'H & !.-

&RPRHOWUDEDMDGRUQRWLHQHGLHWDVQLJDVWRVGHORFRPRFLyQWRGDVODVGHPiVFDQWLGDGHVVDODULDOHV\H[WUDVDODULDOHVWULEXWDQD+DFLHQGDSRUHO
,53)3DUDHVWHFDVROHUHWLHQHQXQ
#  

 6DODULREUXWR =4R
.

 
 GHODEDVHGHUHWHQFLyQ I6R<
'6H & 
    , 9
"
 6DODULREUXWRVHJXULGDGVRFLDO,53)  6@R<

3RUORVGtDVTXHKDWUDEDMDGRHQHOPHVGHDEULOFREUDUi

3




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B

#H - . '" -'J'" &B1.'" -&$!&$1&"

6LHOWUDEDMDGRUWLHQHODSDJDH[WUDSURUUDWHDGD\ODYDFREUDQGRWRGRVORVPHVHVQRQHFHVLWDFDOFXODUVHHVWHDSDUWDGRSXHVQRKD\SDJDVSHQGLHQWHVSRUFREUDU(QHVWHHMHUFLFLRVXFHGHHVRSRUORTXH\DHVWiLQFOXLGDHQHODSDUWDGR$ DQWHULRU
(QHOFDVRGHTXHQRODWHQJDSURUUDWHDGDVHFDOFXODODSDUWHSURSRUFLRQDOHQIXQFLyQGHORWUDEDMDGRHQORV~OWLPRVPHVHV
:H - . '" ?':':! $&" $ !".;1''"

6LDOWUDEDMDGRUOHTXHGDVHQ GtDVSHQGLHQWHVGHYDFDFLRQHV\QDOL]DVHHOFRQWUDWRHVRVGtDVGHYDFDFLRQHVKDEUtDTXHSDJDUORV
C:   (
F

 6HFDOFXODFXiQWRV,  
WLHQHSHQGLHQWHVGHFREUDU
 6HFDOFXODORTXHJDQDGH  ,  9GXUDQWHODVYDFDFLRQHV H[FOXLGRORH[WUDVDODULDOSRUHMHPSORGXUDQWHODVYDFDFLRQHV
HOWUDEDMDGRUQRFREUDHOSOXVGHWUDQVSRUWH\DTXHQRDFXGHDOWUDEDMR 
 6H(ORTXH%
 
(
,GHVDODULRSRUORV, 

  

 $HVWDFDQWLGDGVHOH  %(   !.-\DTXHHVWDVFDQWLGDGHVHVFRPRVLIXHUDQXQDQyPLQDDSDUWH
,  
 



(OWUDEDMDGRUKDWUDEDMDGRGHVGHHOGtDGHHQHURKDVWDHOGHDEULOHQFRQFUHWR
GtDVGHHQHURGtDVGHIHEUHURGtDVGHPDU]R\GtDVGHDEULO7RWDO  , 9
6LSRUWUDEDMDUGtDVOHFRUUHVSRQGHGtDVGHYDFDFLRQHVSRUWUDEDMDUGtDV [ @@ ,  
<
" , Y(
  
H

(OVDODULRGtDLQFOX\HHOVDODULREDVHHOSOXVGHFRQYHQLR\ODSDJDH[WUDSURUUDWHDGDSHUR
  (  

"   <R
" , VDODULRPHV 6RV,
"   ,  


6DODULRGHORVGtDVGHYDFDFLRQHV VDODULRGtD[QGtDVGHYDFDFLRQHV [GtDV =R


"%(   !.-

$OVDODULRGHODVYDFDFLRQHVVHOHUHVWDLJXDOPHQWHVHJXULGDGVRFLDOH,53)
3RU

%
 (
 GH =I=R
3RU GH =R
3RU- GH 6R
1 %(   3R<

3RU!.- GH 643R<


" 



6DODULREUXWRVHJXULGDGVRFLDO,53)  443@R


H - . ' !$&)$!_':!U$ - . &"-!

3RUGHVSLGRSRU( 9HOWUDEDMDGRUFREUD ,      


%](QHVWHVDODULRVHX( 
 
0
 XFRPRSRUHMHPSORHOSOXVGHWUDQVSRUWH(O2X 
4 ,GHVDODULR
 

L
%SRUGHVSLGR
 L   %( 
 (  A
 VtFRWL]D\WULEXWDPHMRUDVYROXQWDULDV 
!

L
 

,QGHPQL]DFLyQ GtDV[VDODULRGtD[DQWLJHGDGHQDxRV
(O ,SDUDODLQGHPQL]DFLyQSRUGHVSLGRHVODVXPDGHWRGRORTXHVHSHUFLEHDODxRGLYLGLGRSRUGtDV VDODULREDVHDQXDOSOXV
FRQYHQLRDQXDOSDJDVH[WUDVHQWHUDV   [[[      36=R ,<
 
%]HVGHDxRV\PHGLR DxRV/HFRUUHVSRQGH[DxRV GtDVHVWiHQHOOtPLWHGHORVGtDV
!

L
 [[ <===R< 1RFRWL]DQLWULEXWD
1 1' !$!E;!1  6<I4R

3

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$


: 2  
$ 0RGLFDFLyQGHOFRQWUDWR
H$XQWUDEDMDGRUOHFDPELDQGHIXQFLRQHVGHRFLDOGH JUXSRSURIHVLRQDOGHOFRQYHQLR DSHyQ JUXSRSURIHVLRQDOGHOFRQYHQLR GH
IRUPD WHPSRUDO GXUDQWH  GtDV SRU XQD EDMD TXH HV SUHFLVR FXEULU
LQPHGLDWDPHQWH
D (VWiREOLJDGRDUHDOL]DUODVQXHYDVIXQFLRQHV"3RUTXp"'XUDQWH
FXiQWRWLHPSR"




#H  (

 

 6HxDODSDUDODVVLJXLHQWHVVLWXDFLRQHVDTXpFDXVDVGHVXVSHQVLyQGHOFRQWUDWRSXHGHQGDUOXJDU
D 0DUtD\0DULRDFDEDQGHWHQHUXQKLMR
E 8QDHPSUHVDGHIDEULFDFLyQGHFRPSRQHQWHVYDDFHUUDUGXUDQWHXQ
PHVSRUSUREOHPDVHFRQyPLFRV
F -RVp,JQDFLRKDVLGRVXVSHQGLGRGHHPSOHR\VXHOGRGXUDQWHGtDV
SRUXQDIDOWDJUDYHVHJ~QFRQYHQLR

E 4XpUHWULEXFLRQHVOHFRUUHVSRQGHQ"

G 0DUL&DUPHQWLHQHDFUHGLWDGDODFRQGLFLyQGHYtFWLPDGHYLROHQFLD
GHJpQHUR

F 6LOHREOLJDVHQDUHDOL]DUIXQFLRQHVGHHQFDUJDGR JUXSRSURIHVLRQDO
GHOFRQYHQLR GXUDQWHPHVHVVHJXLGRVGHTXpWLSRGHPRYLOLGDG
VHWUDWDUtD"3RGUtDVROLFLWDUHODVFHQVR"

H (ODOPDFpQGHXQDHPSUHVDVHLQXQGDFRQORTXHORVWUDEDMDGRUHV
QRSXHGHQWUDEDMDUGXUDQWHXQDVHPDQD

G 6LOHLQGLFDVHQTXHYDDUHDOL]DUODVIXQFLRQHVGHHQFDUJDGRGHIRUPDLQGHQLGDGHTXpWLSRGHPRYLOLGDGIXQFLRQDOVHWUDWDUtD"
 $0DUtD3DTXL\)UDQOHVKDQFRPXQLFDGRTXHYDQDVHUWUDVODGDGRVDRWURFHQWURFRPHUFLDOGHODPLVPDFDGHQDHQFRQFUHWRD0DUtDD
XQFHQWURTXHHVWiDNPGHODFWXDO\D3DTXL\)UDQDRWURTXHHVWi
HQRWUDSURYLQFLDDNPGHODFWXDO(OFDPELRYDDVHUSRUWLHPSR
LQGHQLGRSDUD0DUtD\3DTXLSHUR)UDQVRORYDDHVWDUPHVHVIXHUD
+DQVLGRLQIRUPDGRVGHOFDPELRFRQGtDVGHDQWHODFLyQ
D 6XSRQHXQWUDVODGRRXQGHVSOD]DPLHQWRHOFDVRGH0DUtD"3RU
TXp"'HEHDFHSWDUOR"
E (QHOFDVRGH3DTXLHVXQWUDVODGRRXQGHVSOD]DPLHQWR"4Xp
RSFLRQHVWLHQH3DTXLDQWHODGHFLVLyQGHODHPSUHVD"
F (OFDVRGH3HSHHVWUDVODGRRGHVSOD]DPLHQWR"4XpRSFLRQHV
WLHQH"7LHQHDOJ~QGHUHFKRDGtDVOLEUHVDGLFLRQDOHV"

:H )
 

 (OHQDDFDEDGHGDUDOX]DGRVQLxDVDORVPHVHVGHHPEDUD]R
SRUORTXHORVPpGLFRVUHFRPLHQGDQTXHpVWDVSHUPDQH]FDQGtDV
PiVKRVSLWDOL]DGDV
D &XiQWDVVHPDQDVGHSHUPLVRWLHQH(OHQDSRUODPDWHUQLGDG"6H
OHDODUJDODPDWHUQLGDGSRUODKRVSLWDOL]DFLyQ"
E 'DGRTXHODPDGUHWLHQHSULVDSRUYROYHUDOWUDEDMRSXHGHSDFWDU
FRQODHPSUHVDTXHHOODGLVIUXWHVHPDQDV\HOUHVWRHOSDGUH"
F 6LODPDGUHOHFHGLHVHVHPDQDVDOSDGUHSRGUtDUHYRFDUODV UHWLUDUODV GHVSXpV"(QTXpFDVRV"
G 4XpVXFHGHUtDHQHOFDVRGHTXHIDOOHFLHVHQODPDGUHRODVKLMDV"
H 6LODPDGUHTXLVLHUDYROYHUDOWUDEDMRORDQWHVSRVLEOHTXpFDUDFWHUtVWLFDVWHQGUtDODPDWHUQLGDGDWLHPSRSDUFLDO"

G +DQVLGRDYLVDGRVWRGRVFRQWLHPSRVXFLHQWH"

 -RVp0DQXHOHVHOPDULGRGH(OHQD\SDGUHGHODVGRVQLxDVGHO
HMHUFLFLRDQWHULRU

 $OEHUWRWUDEDMDDWLHPSRSDUFLDOSRUODVPDxDQDVHQXQDFDIHWHUtD
GHKDK(OGXHxRGHODFDIHWHUtDOHFRPXQLFDTXHOHQHFHVLWDDO
PHGLRGtDSDUDODVFRPLGDVSRUORTXHGHMDUiGHHQWUDUDODVK\VX
QXHYRKRUDULRVHUiGHDK

D &XiQWRVGtDVGHSHUPLVRWLHQHDFDUJRGHODHPSUHVD\FXiQWRVD
FDUJRGHODVHJXULGDGVRFLDOSRUWHQHUGRVKLMDV"

D 4XpWLSRGHPRGLFDFLyQGHOFRQWUDWRVHWUDWD"
E  4Xp FDXVDV GHEH DOHJDU OD HPSUHVD SDUD GLFKD PRGLFDFLyQ"
&RQTXpDQWHODFLyQGHEHFRPXQLFDUHOFDPELR"
F 4XpRSFLRQHVWLHQHHOWUDEDMDGRUDQWHGLFKRFDPELR"
 8QDHPSUHVDKRWHOHUDHVWiSDVDQGRSRUDSXURVHFRQyPLFRV\D
TXH VXV LQJUHVRV QR SDUDQ GH FDHU DxR WUDV DxR SRU OR TXH GHFLGH
VXSULPLUODVPHMRUDVYROXQWDULDVTXHRIUHFtDHQHOVDODULRDORVWUDEDMDGRUHV\YROYHUDOVDODULRMDGRSRUHOFRQYHQLRTXHHVLQIHULRU
D 3XHGHODHPSUHVDUHDOL]DUGLFKDPRGLFDFLyQDWRGRVORVWUDEDMDGRUHVGHIRUPDFROHFWLYD"3RUTXp"
E 4XpWUiPLWHVQHFHVLWDGLFKDPRGLFDFLyQ"
F &XiQGRVXUJHHIHFWRVODGHFLVLyQGHODHPSUHVD"
G 6LQRHVWiQGHDFXHUGRORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVTXp
SXHGHQKDFHU"

3

E &XiQGRSXHGHGLVIUXWDUGHORVGtDVGHSDWHUQLGDGGHODVHJXULGDG
VRFLDO"
F 6LODPDGUHOHFHGHVHPDQDVGHOSHUPLVRGHPDWHUQLGDGHQTXp
PRPHQWRSXHGHSHGtUVHODV"$ODYH]TXHODPDGUHRFXDQGRWHUPLQD
ODPDGUHVXSHUPLVRGHPDWHUQLGDG"
G 6LHOSDGUHTXLVLHUDWHQHUHOSHUPLVRDWLHPSRSDUFLDOTXpFDUDFWHUtVWLFDVWHQGUtDODSDWHUQLGDGDWLHPSRSDUFLDO"
H &XiQWRWLHPSRWLHQHTXHKDEHUFRWL]DGRSUHYLDPHQWHHOSDGUHDOD
VHJXULGDGVRFLDOSDUDWHQHUGHUHFKRDORVGtDVGHSDWHUQLGDG"

H &X

 8QWUDEDMDGRUHVHOHJLGRFRQFHMDOGHXQD\XQWDPLHQWR\HOGHVHPSHxRGHOFDUJRHVLQFRPSDWLEOHFRQHOKRUDULRGHWUDEDMRDFWXDO
D 4XpWLSRGHH[FHGHQFLDGHEHVROLFLWDU"
E &XiQGRGHEHUHLQJUHVDUXQDYH]QDOLFHVXFDUJR"
F &RQVHUYDODDQWLJHGDG\HOSXHVWRHQODHPSUHVD"




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$

: 2  


3MH J % 

 
2

   

%  "
6 
 
 


       0
 
) 

 5 

1
1 =>) 

2



   ( 
 (2?
1 R     & =( 

6  


 

 
) 

 "

 
  ?

H  
 


6MH&ODVLFDHQODVVLJXLHQWHVVLWXDFLRQHVTXpSRVLEOHFDXVDGHGHV     
 

:
1   "

  %
  
 #

<
 "

 
'  "

1 * 
 < 
 
   
 %
'

1 R     & =





"


%?

1 7%
' "   
 
 
 
%

   
< 
 



1 = 





  

 
2

?

1 ,  %
'

MH J %  #



 
2

   

%
8 & #

( 6   
#
( 
. 

&

1   

   &
 "

6    

1 =>) 

2



?
1 =(

 . (2?
1 =R



"
 

%?
MH M"
 
" % 
 

  &  #



& ( "%  
   
 
     

 
 " #

 

 
    
%

%  


'1 
"
 




     

=MH 
. 
 

 
' "
  G
 #

 
 

 %    #
) #
  
  
 
 
 R<
 #




  
.
1 =$
#) 

  
  #)  


 

?
1 , 
 



  #



"   



1 =>) 

2

 



?

1 =>) 
6. 


 
.?

1 =F
  
#? =D (     ""
   
2

?

1 R 
.




  #

( '

=#)  (



6 
?

1 =



"


%? =F ( 


.



 

?

1 R 
. 
 RG3F   ;  (
  
  . 
 
 

  




 RG3F =#) 

?
=F(  
#
  
.     .?

&H &X

 (
  9
MH 3
2  #


 

 #

'


%
  
 
.  
  

 

  #
 



 
% J  
 
% 
#


 ( #
         


 
6
   

#
   #
 
(
 #

 
 .  
A   
( 

D 6LOHKLFLHUDFDVRDVXDPLJRFyPRVHFDOLFDUtDVXDFWXDFLyQ"
=>) 

 
"?
1 C  

     =#) (


 
6 
#
 




 



?
MH J



 .
5 

   4 % 

  
 #) 
 


 "
  

 

6
FRPRGLFHHOGXHxRRH[WLQJXLUORVFRQWUDWRV\GDUORVSRUQDOL]DGRV
R
  
 . 

 
2
 
1 =  #)  


2    % 
?
1 =>) 



 
"  ?
1 =$


%
%  
 
   

?
1 R 
 % =#) 
6. 
?

4MH 
  

 M6 
 R


 6.
 
. 
  
%  G
 #
 "
  % (

  
  

 < 

D &yPRVHFDOLFDHOGHVSLGRSRUHO-X]JDGR\TXpGRVRSFLRQHVOH
#
  

?
1 =>) 
6. 

   4Z    


Q

 & 
  '


?
IMH 3  %  

 

."
 

  "   .
 
 


 %  
 
  .
 "




 #

 

  
(  &
 "


  #

     

#

 "
 
 "
 
 .

6 
5 


1 =F.


  .
 
 
  
 


 ? =R




?
1 R
 M6  

#


  


   .

6  =. 
(

 ?
1 =>) 

 
"(?
1 R  

 
    



  =#)


?

3

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$


: 2  
JH   ( 9 
+(L  




+ (OQLTXLWR\ODVLQGHPQL]DFLRQHV
MH0RGLFDFLyQVXVWDQFLDOGHOFRQWUDWR

1 R M  
  = 

? =  #) ?

 


 
       
 "


 

 
  0

  & 
1    
HPSUHVDKDGHFLGLGRTXHYDDPRGLFDUHOVDODULRTXHYHQtDFREUDQGR

 5Z  
%   
<
 "
 #


GH(PLOLDQRHVWiFRQIRUPHFRQHVWDPRGLFDFLyQVXVWDQFLDOGHO
 #
'
      #



2

   
#

  5Z (  
2  &
    R Q


5 &

E (VQHFHVDULRTXHWUDQVFXUUDXQSOD]RGHVGHODPRGLFDFLyQWpFQLFD"

F    #
(

6. %

  


@MH 3 M 
"    
" (#
  


% #

#


 '( M #

  
    '(
( 


#

   

 "
 
   
  

  #
"  '

 




1 $

 
'. =#)  ( M?
1 =


  
6. 
 ? =$
(  


 Q

4 & 

  '


 
 &

    
Z? =R
  
6.
 


?
3MH  6
 6" 
"  
 






 % 
  #

"  '  

  

    % 
 #
 '
1 =$
#) 

  
? =  #) 
 
"?
1 =F(
    
#  
"  



 ?

MH $
   



R"  
  %  


  #

 M6 
 R 

  #


 
 





   .
  
6.   #


   95Z @

 
2  &
85Z  
 R Q


 &  4 

 
  
F  
6. 
  



6MH&DOFXODHOQLTXLWRGHXQWUDEDMDGRUTXHKDVLGRGHVSHGLGRHO

   %
"    

  
:

1 R 

 
"   % 
  8  =
 ( #

      % 
?

R 

8Z

 "


45Z

1 = 



 
     AB3R3?

 

KZ

MH J


 % 
 "  

 

 
5 % 
 
 
"  

 
   .

"
 0

  & 
1   #
"  
6   @ 
1 =R


  
"  
 
6   @  ?
1 $

  @   =#) '. 

( 

  )?
=F( 
 (
 
 
?
1 =>)
 

  


?
1 =>) '
 

 3   0F



1


  @  ?

1 R
 ) 
(

  =#) 


?
'1 
 
#


  
  
(
5 % 

= #) 




 % 
?

F  
2  &
 
    


( 
 
R Q


 &
 

 

  '




$
,@ 



  ;H
 %       '
 "

=MH&DOFXODHOQLTXLWRGHXQFRQWUDWRWHPSRUDOGHREUD\VHUYLFLRTXH

6
  ;


  

 4

  &
  
 #


:
R 

89Z

 "


5Z



Z
MH J '( 

  

 #
  

 
 #



2
 
 5 % 
 #

%
  
1 = 


 

? =  #) "?
1 =>) 




6
?
1 =>) 
6. 
(  % 
?
1 =

 
 
 AB3R3?

36

F  
2  &
 
    


( 
 
$
,@ 



  H
 %       '
 "

R  

6

    #
 
6. 
QDOL]DFLyQGHFRQWUDWRGHREUD\VHUYLFLRHVGHGtDVGHVDODULRSRU
& % 




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$

. 


 (QODPDWHUQLGDG

$ /DPRGLFDFLyQGHOFRQWUDWR

D 'HVSXpVGHOSDUWRVRQREOLJDWRULDVVHPDQDVSDUDODPDGUHVLQ
TXHODVSXHGDUHSDUWLUFRQHOSDGUH

 8QWUDEDMDGRUDOTXHVHOHFDPELDGHIXQFLRQHVD
 %( +
 
+

E /DPDGUHSXHGHFHGHUKDVWDVHPDQDVDOSDGUHSHURSXHGHUHYRFDUODVRUHWLUDUODVVLQRSXHGHGLVIUXWDUODVSRUKRVSLWDOL]DFLyQ

D (VXQDPRYLOLGDGGHQWURGHOJUXSRSURIHVLRQDO\QRUHTXLHUHFDXVDV
RUJDQL]DWLYDVRWpFQLFDV

F  /D PDGUH WLHQH GHUHFKR D GLVIUXWDU GH ODV  VHPDQDV D WLHPSR
SDUFLDO

E (VXQDPRYLOLGDGIXHUDGHOJUXSRSURIHVLRQDOGHVFHQGHQWHODFXDO
SRGUiVHUVRORGHIRUPDWHPSRUDO

G (QFDVRGHTXHKD\SDUWRP~OWLSOHODPDGUHWLHQHGHUHFKRDXQD
VHPDQDPiVSRUFDGDKLMRDSDUWLUGHOVHJXQGR

F  (VXQDPRYLOLGDGIXHUDGHOJUXSRSURIHVLRQDOGHVFHQGHQWHODFXDO
SRGUiVHUVRORGHIRUPDLQGHQLGD

 (QODSDWHUQLGDG

G (VXQDPRYLOLGDGH[WUDRUGLQDULDTXHLPSOLFDTXHQRSRGUiYROYHUD
VXSXHVWRDQWHULRU

D (OSDGUHVLHPSUHWHQGUiGtDVGHSDWHUQLGDGGHVSXpVGHOSDUWR

 (OWUDVODGRVHFDUDFWHUL]DSRUTXH

E (OSDGUHWHQGUiGHUHFKRDGtDVGHSHUPLVRDFDUJRGHODHPSUHVD
ORVFXDOHVSXHGHQDPSOLDUVHSRUHOFRQYHQLR\DGtDVDFDUJRGH
ODVHJXULGDGVRFLDO

D ,PSOLFDXQFDPELRGHFHQWURGHWUDEDMRTXHFRQOOHYDFDPELRGHUHVLGHQFLDGHOWUDEDMDGRU

F  /RVGtDVGHODVHJXULGDGVRFLDOVHDPSOtDQHQXQGtDPiVSRU
FDGDKLMRDSDUWLUGHOVHJXQGR

E (VGHQLWLYRHQHOVHQWLGRGHTXHHOWUDEDMDGRUHVWiWUDVODGDGRPiV
GHXQDxRHQXQSHULRGRGHDxRV

G 1RHVSUHFLVRTXHHOSDGUHKD\DFRWL]DGRDODVHJXULGDGVRFLDOSDUD
WHQHUGHUHFKRDHVWHSHUPLVR

F  (QHOWUDVODGR HOWUDEDMDGRU WLHQHODRSFLyQ GHH[WLQJXLU HOFRQWUDWRFRQGtDVGHLQGHPQL]DFLyQSRUDxRWUDEDMDGRRSFLyQTXHQR


H[LVWHHQHOGHVSOD]DPLHQWR

 (QODH[FHGHQFLDSRUHOFXLGDGRGHKLMRV

G 7RGDVVRQFRUUHFWDV

E (PSLH]DDFRQWDUGHVGHHOQDFLPLHQWRGHOKLMR

 6LDXQWUDEDMDGRUODHPSUHVDOHPRGLFDVXKRUDULR
 9  
 
   

F  6HOHUHVHUYDVXSXHVWRVRORGXUDQWHORVSULPHURVDxRV\DSDUWLUGHO
WHUFHURWLHQHUHVHUYDGHXQSXHVWRGHVXJUXSRSURIHVLRQDO

D 8QDPRYLOLGDGIXQFLRQDOIXHUDGHOJUXSRSURIHVLRQDO

G 6RORODSXHGHQVROLFLWDURELHQODPDGUHRELHQHOSDGUH

E 8QDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRODFXDOUHTXLHUHTXHH[LVWDQXQDVFDXVDVREMHWLYDVSRUSDUWHGHODHPSUHVD

:H  X

 (
  9

F  8QDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRGRQGHHOWUDEDMDGRUSXHGH
DFHSWDURUHFXUULUSHURQXQFDH[WLQJXLUHOFRQWUDWRFRQGHUHFKRD
LQGHPQL]DFLyQ

D 6HVROLFLWDSRUWHQHUXQKLMRPHQRUGHDxRV

 6L XQ WUDEDMDGRU GHVHD GHMDU GH WUDEDMDU HQ XQD



D (VLPSRVLEOHKDUPDGRXQFRQWUDWR\GHEHFXPSOLUOR

G 6ROR SXHGH PRGLFDUVH HO KRUDULR VL VH WUDWD GH XQD PRGLFDFLyQ
VXVWDQFLDOFROHFWLYDGHWRGRVORVWUDEDMDGRUHVGHODHPSUHVD

E 'HEHUtDSUHDYLVDUVLHPSUHFRQGtDVGHDQWHODFLyQGHORFRQWUDULR
ODHPSUHVDOHSRGUiGHVFRQWDUORVGtDVGHSUHDYLVRLQFXPSOLGRV

#H  (

 


F  'HEHUtDSUHDYLVDUFRQORVGtDVTXHVHxDOHHOFRQYHQLRGHORFRQWUDULRODHPSUHVDOHSRGUiGHVFRQWDUORVGtDVGHSUHDYLVRLQFXPSOLGRV
VHJ~QPDUTXHHOFRQYHQLR

 (VFDXVDGHVXVSHQVLyQGHOFRQWUDWR
D /DPDWHUQLGDG\ODSDWHUQLGDG
E /DVFDXVDVREMHWLYDVGHODHPSUHVDFRPRVRQODVFDXVDVHFRQyPLFDVWHFQROyJLFDVRUJDQL]DWLYDVRGHSURGXFFLyQ
F  (VWDUGHEDMDODERUDOSRUXQDFFLGHQWHRXQDHQIHUPHGDG

 6LXQDHPSUHVDOOHYDPHVHVVLQSDJDUDORVWUDED0
9  2

D ([WLQJXLUHOFRQWUDWR\SHGLUDODHPSUHVDXQDLQGHPQL]DFLyQGH
GtDVSRUDxRWUDEDMDGR

G 3RUIXHU]DPD\RUTXHLPSLGDUHDOL]DUHOWUDEDMRWHPSRUDOPHQWH

E 3UHVHQWDUXQDGHPDQGDDQWHHO-X]JDGRGHOR6RFLDOSDUDH[WLQJXLU
HOFRQWUDWR\PLHQWUDVQRKD\DVHQWHQFLDLUiQDWUDEDMDU

H 7RGDVVRQFDXVDVGHVXVSHQVLyQ

F  3UHDYLVDUFRQGtDVGHDQWHODFLyQ\DVtFREUDUODLQGHPQL]DFLyQ

3=

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$


. 





 (QHOGHVSLGRSRUFDXVDVREMHWLYDV

H &  




D /RVWUDEDMDGRUHVQRUHFLELUiQXQDFDUWDGHGHVSLGR\DTXHVHOHV
FRPXQLFDDWUDYpVGHO(5(

 (QHOGHVSLGRGLVFLSOLQDULR

E 'HEHUiQVHUSUHDYLVDGRVFRQGtDVGHDQWHODFLyQGHORFRQWUDULR
UHFLELUiQGHVDODULRWDQWRVGtDVFRPRSUHDYLVRLQFXPSOLGR

D (OWUDEDMDGRUQRFREUDUiQDGDGHOQLTXLWR
E 5HFLELUiODFDUWDGHGHVSLGRDORVGtDVGHOGHVSLGR

F  6HOHHQWUHJDUiDOWUDEDMDGRUXQDLQGHPQL]DFLyQGHGtDVSRUDxR
WUDEDMDGRFRQXQWRSHGHGtDV

F  /DV FDXVDV GHO GHVSLGR GLVFLSOLQDULR YLHQHQ FRQFUHWDGDV SRU ORV


FRQYHQLRV FROHFWLYRV DVt FRPR SRU ODV VHQWHQFLDV MXGLFLDOHV TXH
LQWHUSUHWDQORVKHFKRVHQFDGDFRQWH[WR

H &    +(L  

 8QWUDEDMDGRUTXHTXLHUHUHFODPDUXQGHVSLGR

 ,QGLFDHQFXiOGHODVVLJXLHQWHVHPSUHVDVVHSUR0
( (
 
 9

D 'HEHUiLUDO-X]JDGRGHOR6RFLDOGLUHFWDPHQWHHQHOSOD]RGH
GtDVKiELOHV

D 8QDHPSUHVDGHWUDEDMDGRUHVGRQGHGHVSLGHQDWUDEDMDGRUHV

E 'HEHUiDFXGLUSULPHURDO60$&\HVSHUDUDTXHVHUHVXHOYDSULPHUR
DOOtHOFDVR\VLQROHGDQODUD]yQ\DSRGUiUHFODPDUDO-X]JDGR

F  8QDHPSUHVDGHWUDEDMDGRUHVGRQGHGHVSLGHQDWUDEDMDGRUHV

E 8QDHPSUHVDGHWUDEDMDGRUHVGRQGHGHVSLGHQDWUDEDMDGRUHV

F  'HEHUiDFXGLUSULPHURDO60$&VLDORVGtDVQROHOODPDQSDUD
FHOHEUDUODFRQFLOLDFLyQVHUHDQXGDUiHOFyPSXWRGHORVGtDVTXHOH
IDOWHQKDVWDFRPSOHWDUORVGtDVKiELOHVSDUDLUDO-X]JDGRGHOR
6RFLDO

G /DE \ODF VRQFRUUHFWDV

G +D\TXHSDJDUODVWDVDVMXGLFLDOHVSDUDSRQHUXQDGHPDQGDHQHO
-X]JDGRGHOR6RFLDO

E &RQVXOWDUORFRQHOFRPLWpRORVVLQGLFDWRVGXUDQWHXQPi[LPRGH
GtDVVDOYRODVHPSUHVDVPiVSHTXHxDVGHPHQRVGHWUDEDMDGRUHVHQODVTXHVHUiGXUDQWHXQPi[LPRGHGtDV

 6LHO-X]JDGRGHOR6RFLDOGLFWDTXHHOGHVSLGRHV
LPSURFHGHQWHSRUTXHQRH[LVWHQPRWLYRV
D /DHPSUHVDWHQGUiODRSFLyQGHRELHQSDJDUODLQGHPQL]DFLyQGH
GtDVSRUDxR VLODDQWLJHGDGHVSRVWHULRUDIHEUHURGH RELHQ
SDJDUORVVDODULRVGHWUDPLWDFLyQ\UHDGPLWLUDOWUDEDMDGRU
E /DHPSUHVDWLHQHODRSFLyQGHRELHQSDJDUODLQGHPQL]DFLyQGH
GtDVSRUDxRPiVORVVDODULRVGHWUDPLWDFLyQRELHQUHDGPLWLUORVLQ
VDODULRVGHWUDPLWDFLyQ
F  /D HPSUHVD QR SDJDUi VDODULRV GH WUDPLWDFLyQ VL OD VHQWHQFLD VH
GLFWDSDVDGRVGtDVGHVGHHOGHVSLGR
G (QHOGHVSLGRLPSURFHGHQWHDOLJXDOTXHHQHOGHVSLGRQXORVROR
FDEHODRSFLyQGHUHDGPLWLUDOWUDEDMDGRU\SDJDUOHORVVDODULRVGH
WUDPLWDFLyQ

 3DUDDSUREDUHO(5(HVUHTXLVLWR
D &RPXQLFDUORDOD$XWRULGDG/DERUDOVLQPiVWUiPLWHV

F  5HPLWLU DO FRPLWp R VLQGLFDWRV HO Q~PHUR GH GHVSLGRV \ HO JUXSR
SURIHVLRQDO DO TXH SHUWHQHFHQ DVt FRPR ORV FULWHULRV TXH VH KDQ
WRPDGRSDUDHOHJLUDORVWUDEDMDGRUHV
G 7HQHUODDSUREDFLyQGHOD$XWRULGDG/DERUDO\TXHDSUXHEHHO(5(
 (QHOGHVSLGRSRUIXHU]DPD\RU
D 6H GHEHUi FRPXQLFDU D OD$XWRULGDG /DERUDO OD FXDO FRQVWDUi ORV
KHFKRVHQHOSOD]RGHGtDV
E /RVWUDEDMDGRUHVFREUDUiQGHLQGHPQL]DFLyQGtDVSRUDxR
F  6LODIXHU]DPD\RUUHPLWLHVHVHGHEHUiYROYHUDFRQWUDWDUDORVWUDEDMDGRUHV
G /DD \ODE VRQFLHUWDV

&H &   ( 9


* (OQLTXLWR
 (VFDXVDGHGHVSLGRSRUFDXVDVREMHWLYDV
D 1RDGDSWDUVHDODVPRGLFDFLRQHVWpFQLFDVGHOWUDEDMRHQHOSOD]R
GHXQPHVGHVGHODLQWURGXFFLyQGHODPRGLFDFLyQ
E )DOWDUDOWUDEDMRSRUXQDVRODEDMDODERUDOSRUHQIHUPHGDGGHGtDV
VHJXLGRVHQGRVPHVHV
F  /DGLVPLQXFLyQGHODVYHQWDVGXUDQWHWULPHVWUHVFRQVHFXWLYRVUHVSHFWRDODVYHQWDVGHORVPLVPRVWULPHVWUHVGHODxRDQWHULRU

34

 1RVHFREUDUiHQHOQLTXLWRSRUGHVSLGRSURFH0

  ( 9
D /DVYDFDFLRQHVSHQGLHQWHVGHGLVIUXWDUGHOWUDEDMDGRU
E /RVVDODULRVSHQGLHQWHVGHFREUDUSRUHOWLHPSRWUDEDMDGR
F  8QDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRFRQXQPi[LPR
GHGtDV




?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$


(172512/$%25$/

 

9(    
N 9( 

, 
(    + O
/DUHIRUPDODERUDODSUREDGDHOGHIHEUHURGHIRUWDOHFLyODVSRVLFLRQHVHPSUHVDULDOHVHQODVUHJXODFLRQHVGHHPSOHR GHVSLGRVFROHFWLYRVVXVSHQVLRQHVWHPSRUDOHV\UHGXFFLRQHVGHMRUQDGD\VDODULR <DQRKDFHIDOWDHOSHUPLVRGHOD$XWRULGDG/DERUDO\HOSDFWRFRQORVVLQGLFDWRVKDGHMDGRGHVHUXQD
FRQGLFLyQFDVLLPSUHVFLQGLEOH$GHPiVODFDtGDGHLQJUHVRVGXUDQWHWUHVWULPHVWUHVFRQVHFXWLYRVMXVWLFDHOGHVSLGRREMHWLYR GtDVSRUDxRWUDEDMDGR (Q
GHQLWLYDVHIDFLOLWD\DEDUDWDQODVH[WLQFLRQHVGHORVFRQWUDWRV<HVWRIXHXQDWHQWDFLyQJUDQGHSDUDUPDVFRPRODHPSUHVDGHWUDQVSRUWHV7UDGLVDTXH
SDUDOL]DURQORVDMXVWHVGHSODQWLOODTXHKDEtDQSXHVWRHQPDUFKDSDUDDSURYHFKDUVHGHODVQXHYDVUHJODVGHOMXHJR(QFDPELRSDUDOD$XGLHQFLD1DFLRQDO
HVRHVIUDXGHGHOH\\DTXHVXSRQHXQDPDQLHVWDYROXQWDGGHVXVWUDHUVHGHOSURFHGLPLHQWROHJDOSDUDEHQHFLDUVHGHXQRPiVH[LEOHORTXHHTXLYDOHD
FDPELDUGHiUELWUR\GHUHJODVGHMXHJRHQSOHQRSDUWLGR
8QDTXHMDKLVWyULFDGHOHPSUHVDULDGRHVSDxROHVTXHORVWULEXQDOHVGHFLGHQGHIRUPDDEUXPDGRUDHQVXFRQWUDHQODVTXHUHOODVVREUHGHVSLGRVSHVHDTXH
GHVGHHODxRODHVWDGtVWLFDVLW~DHQWUHHO\HOGHIDOORVDVXIDYRU3DUDDWHQGHUHVWDGHPDQGDODVGRV~OWLPDVUHIRUPDVODERUDOHVKDQDFRWDGR
HOSDSHOGHORVMXHFHV(OJRELHUQRGH=DSDWHURLQWURGXMRHOFRQFHSWRGHSpUGLGDVUD]RQDEOHVRSUHYLVWDVFRPRFDXVDGHGHVSLGRREMHWLYR\HOGH5DMR\OD
FLWDGDFDtGDGHLQJUHVRV3HURODWXWHODMXGLFLDOH[LVWHD~QHQPDWHULDODERUDO\ORVWULEXQDOHVHVWiQHPSH]DQGRDVHxDODUORVOtPLWHVTXHODQXHYDQRUPDPDUFD
/DSULPHUDIURQWHUDODVHxDODURQORV7ULEXQDOHV6XSHULRUHVGH-XVWLFLDGH&DWDOXxD\GH0DGULGHQVHQGRVGHVSLGRVFROHFWLYRV(QHVWDVFRPXQLGDGHVODV
HPSUHVDV'23(&\7DOOHUHV$UHVFLQGLHURQGHFHQDVGHFRQWUDWRVDOHJDQGRFDXVDVHFRQyPLFDV/RVMXHFHVDQXODURQODGHFLVLyQGHODVFRPSDxtDVHQWUH
RWUDVFRVDVSRUTXHIRUPDQSDUWHGHXQJUXSRHPSUHVDULDO\QRVLUYHTXHVHWRPHODVLWXDFLyQHFRQyPLFDVRORGHXQDFRPSDxtDSDUDMXVWLFDUODDSOLFDFLyQGH
XQ(5($VtVHH[LJHTXHVHWRPHHQFRQVLGHUDFLyQ\VHGRFXPHQWHWRGRHOJUXSR
(QHOFDVRGH7DOOHUHV$HOWULEXQDOKDLGRPiVDOOiDODSXQWDUTXHSHVHDTXH\DQRHVREOLJDWRULRHODFXHUGRHQWUHODVSDUWHVVtTXHWLHQHTXHKDEHUXQD
QHJRFLDFLyQFRQYROXQWDGGHOOHJDUDXQSDFWR/RTXHGHUDWLFDUVHSRUHO7ULEXQDO6XSUHPRDFDEDUiHOHYDQGRGHKHFKRODVLQGHPQL]DFLRQHVPtQLPDVMDGDV
HQODOH\4XLHQVHDFHUFDDXQDPHVDGHFRQVXOWDVGHXQH[SHGLHQWHGHUHJXODFLyQFRQVXSRVLELOLGDGFRPR~QLFDQRQHJRFLDQLHIHFW~DFRQFHVLRQHVVLQR
TXHVHOLPLWDDFXPSOLUIRUPDOPHQWHFRQXQWUiPLWHVHxDODODVHQWHQFLDTXHDEXQGDTXHWDODFWLWXGVXSRQHXQDQHJRFLDFLyQGHPDODIH
(VWDVHQWHQFLDFRPRODTXHKDUPDGRKDFHSRFRVGtDVOD$XGLHQFLD1DFLRQDOUHIXHU]DHOSDSHOQHJRFLDGRUGHORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVDOJR
TXHVDOLyPX\WRFDGRFRQODUHIRUPD(QHO~OWLPRFDVRVHDQXODHOGHVSLGRGH6HJXU,EpULFDSRUQHJRFLDULQGLYLGXDOPHQWHFRQHPSOHDGRVPLHQWUDVORKDFtD
FRQHOFRPLWp(VWDDFWLWXGYDFtDGHFRQWHQLGRHOSHULRGRGHFRQVXOWDV FRQHOFRPLWpRVLQGLFDWRV (VWHWH[WRGHOD$XGLHQFLDWDPELpQPDUFDXQFDPLQRSDUD
ODVUHJXODFLRQHVHQHPSUHVDVFRQYDULRVFHQWURVGHWUDEDMR/DVROXFLyQSDFWDGDRQRWLHQHTXHVHUODPLVPDSDUDHOPLVPRH[SHGLHQWH1RVLUYHOOHJDUDXQ
DFXHUGRHQGRVFHQWURV\QRKDFHUORHQRWURFRPRVXFHGLyFRQ6HJXU,EpULFD
/RTXHWDPELpQKDGHMDGRFODURORVWULEXQDOHVHVTXHODGRFXPHQWDFLyQSDUDMXVWLFDUXQGHVSLGRSRUFDXVDVHFRQyPLFDVGHEHUHHMDUFRQGHOLGDGODVLWXDFLyQ
GHODHPSUHVD1RYDOHQXQDVFXHQWDVSURYLVLRQDOHVHVSHFLDOPHQWHVLVHXVDQSDUDSUHYHUSpUGLGDVHQHOIXWXURVLGLHUHQGHOUHVXOWDGRGHQLWLYR\DXGLWDGR
FRPRKDGLFWDGRHO7ULEXQDO6XSHULRUGH-XVWLFLDGH0DGULGFRQWUDODHPSUHVDGHWHOHPiUNHWLQJ*66
'HPRPHQWRQRKD\PXFKDVVHQWHQFLDVQLVHKDVHQWDGRMXULVSUXGHQFLD FRQHO7ULEXQDO6XSUHPR 3HURORVMXHFHV\DKDQGHMDGRFODURGyQGHHVWiQORVOtPLWHV
GHOQXHYRGHVSLGR1RDFHSWDQTXHVHLQWHQWHHFKDUWUDEDMDGRUHVDODFDOOH\VHFRQWUDWHDOPLVPRWLHPSRFRPRKL]R*661LWROHUDQTXHXQDHPSUHVDH[WLQJD
FRQWUDWRVGXUDQWHODYLJHQFLDGHXQ(5(GHVXVSHQVLyQGHHPSOHRHQHOTXHVHKDFRPSURPHWLGRDQRGHVSHGLUFRPRKDKHFKR06$TXHGHVSLGLyD
WUDEDMDGRUHVSHVHDKDEHUSDFWDGRXQDVXVSHQVLyQVREUHHPSOHDGRVTXHHVWDEDHQYLJRUKDVWDHOGHGLFLHPEUHGH
3HURVLKD\XQDIURQWHUDFODUDVREUHORVGHVSLGRVFROHFWLYRVHVODTXHPDUFyHO7ULEXQDO6XSHULRUPDGULOHxRTXHGHQLyFRQFODULGDGTXpHVXQDUHJXODFLyQ
GHHPSOHRHQVXIDOORFRQWUD*66/RV(5(VRQXQFRVWHVRFLDOSDUDD\XGDUDODVHPSUHVDVHQFULVLVRFRQGLFXOWDGHVGHSURGXFWLYLGDGTXHDIHFWDQDVX
VXSHUYLYHQFLD1RVRQQLGHEHQVHUXQPHGLRGHGHVWUXFFLyQGHWUDEDMRSDUDJHQHUDUPiVULTXH]DQLEHQHFLRDOHPSUHVDULRTXHQRHVWiHQFULVLVQLWLHQH
GLFXOWDGHVUHDOHV

!     


/RVGHVSLGRVREMHWLYRVORVPiVEDUDWRVFRQGtDVSRUDxRWUDEDMDGRVHKDQGLVSDUDGRHQORVSULPHURVPHVHVGH(QWUHODVUHVFLVLRQHVLQGLYLGXDOHV
\ORVGHVSLGRVFROHFWLYRVVHKDQUHJLVWUDGRFDVLXQPiVTXHHODxRDQWHULRUVHJ~QORVGDWRVGHO0LQLVWHULRGH(PSOHR(OUHFUXGHFLPLHQWRGHOD
GHVWUXFFLyQGHHPSOHR\ODUHIRUPDODERUDOKDQGDGRXQYXHOFRDODIRUPDGHGHVSHGLUHQ(VSDxD(ODxRDQWHULRUODYtDGHGHVSLGRPiVXWLOL]DGDIXHHOGHVSLGR
H[SUpVFUHDGRHQHODxRTXHSHUPLWtDDODVHPSUHVDVGHVSHGLUGHIRUPDUiSLGD\OLEUHFRQXQFRVWHPX\DOWR GtDVRGtDVSRUDxRWUDEDMDGR /D
UHIRUPDODERUDODFDEyFRQHOGHVSLGRH[SUpV\IDFLOLWyPiVORVGHVSLGRVREMHWLYRV\ORVFROHFWLYRVDXQTXHWRGDYtDDSDUH]FDHOGHVSLGRH[SUpVHQODHVWDGtVWLFD
GHO0LQLVWHULRGH(PSOHRSXHVHVWiQLQFOXLGRVORVGHVSLGRVUHFXUULGRV\TXHD~QQRWLHQHQVHQWHQFLDMXGLFLDO
)XHQWH(O3DtV([WUDFWRGHQRWLFLDGH(VWKHU7HMHGRU0DQXHO9*yPH]

&8(67,21(6
D 6HxDODDOJXQRVOtPLWHVTXHHVWiQSRQLHQGRORVWULEXQDOHVHQODVVHQWHQFLDVVREUHGHVSLGRVHQFRQFUHWRHQORVFDVRV7UDGLVD'23(&\
7DOOHUHV$6HJXU,EpULFD*66\06$
E &XiQWRVHKDQLQFUHPHQWDGRORVGHVSLGRVREMHWLYRV\FROHFWLYRVHQORVSULPHURVPHVHVGH"(QTXpFRQVLVWtDHOGHVSLGRH[SUpV"
F 5HH[LRQDVREUHODGHQLFLyQTXHGLRHO7ULEXQDO6XSHULRUGH-XVWLFLDGH0DGULGVREUHTXpHVXQDUHJXODFLyQGHHPSOHR\TXpQRHV

3I

?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

(OGLOHPDGHVDFULFDUVXHOGRSDUDVDOYDUHOHPSOHR
+D\TXHHOHJLUHQWUHVXELUORVVXHOGRVRDVHJXUDUORVHPSOHRV(OSUHVLGHQWHGH6HDW(ULFK6FKPLWWODQ]DEDUHFLHQWHPHQWHHVWHUHWR<OOHJy
ODKRUDGHGHFLGLU(QXQDGXUDYRWDFLyQHQPHGLRGHODGLV\XQWLYDPRUDO\ODGLYLVLyQVLQGLFDOORVWUDEDMDGRUHVDFHSWDURQFRQJHODUVHHOVXHOGR
HVWHDxR\XQDVXELGDGHODPLWDGGHODLQDFLyQSDUDHODxRTXHYLHQH(VWDEDHQMXHJRVHJ~Q6HDWTXHODFDVDPDWUL]:RONVZDJHQDVLJQDUD
ODIDEULFDFLyQGHXQPRGHORQXHYRGH$XGLD0DUWRUHOO\SXHVWRVGHWUDEDMR
/DFULVLVKDFRORFDGRDPXFKDVUPDVHQHVWHGLOHPD0LOHVGHWUDEDMDGRUHVVHHVWiQYLHQGRREOLJDGRVDGHVKRMDUODPDUJDULWDHQWUHDUULPDUHO
KRPEUR\HOWHPRUDTXHHOVDFULFLRVHDLQ~WLOSRUODIDOWDGHJDUDQWtDVGHTXHVHDOFDQFHODHVWDELOLGDG7LHQHQXQDSUHVLyQDxDGLGDODHYROXFLyQGHSUHFLRVTXHUR]DQODGHDFLyQ
4XpKDUtDXVWHG"/RDFHSWDUtD REYLDPHQWHDQWHVGHVDEHUVLHVWiHQODSRVLEOHOLVWDGHGHVSLGRV "(VpWLFR"-XHJDQODVHPSUHVDVFRQ
HOPLHGRTXHSURYRFDODFULVLV\ORVHVFDORIULDQWHVGDWRVVREUHHODXPHQWRGHOSDUR"<GHMDQGRGHODGRODVFXHVWLRQHVPRUDOHVHVXQDEXHQD
PHGLGDGHVGHXQSXQWRGHYLVWDHVWULFWDPHQWHHFRQyPLFR"
-DYLHU,EDUVUHVSRQVDEOHGH5HODFLRQHV/DERUDOHVGH)RPHQWRGHO7UDEDMRDGVFULWDDOD&(2(PDQLHVWD/DFRQJHODFLyQVDODULDOFRQVWLWX\H
XQDSRVLEOHYiOYXODGHR[tJHQRSDUDDOJXQDVHPSUHVDVTXHHVWiQDV[LDGDVSRUODIDOWDGHOLTXLGH](QORVFRQWH[WRVGHFULVLVORVDXPHQWRV
VDODULDOHVQRIDYRUHFHQDODFRQWUDWDFLyQ\XQDPHGLGDDVtSXHGHWHQHUVXLQFLGHQFLDHQODFRPSHWLWLYLGDGGHODVHPSUHVDV
5DIDHO2UWL]VRFLRGH*DUULJXHVDSXQWDTXHQRVLHPSUHHOSUREOHPDGHXQDHPSUHVDVHUHVXHOYHSRUODYtDODERUDO+DFHSRFRQRVYLQRXQD
HPSUHVDFRQYHQFLGDGHOOHYDUDFDERXQUHFRUWHVDODULDO$OQDOYLPRVTXHORVFRVWHVODERUDOHVVyORUHSUHVHQWDEDQXQGHOWRWDO\TXHHUDQ
PXFKRPiVLPSRUWDQWHVORVFRVWHVORJtVWLFRV\GHODVPDWHULDVSULPDV8QDPHGLGDDVtWLHQHVHQWLGRVLVHFRPSLWHFRQHPSUHVDVFRQFRVWHV
LQIHULRUHV\VHSLHUGHQYHQWDVSRUHVHPRWLYR
(OUHVSRQVDEOHGH&&22HQ6HDW/ROR*iOYH]TXHVHPDQLHVWDHQFRQWUDLQFLWDDODUHEHOLyQ6XVLQGLFDWRHVWiGLVSXHVWRDQHJRFLDUFyPR
UHGXFLUFRVWHVSHURQRDFXDOTXLHUSUHFLR0HSDUHFHLQPRUDOTXHODVHPSUHVDVMXHJXHQFRQHOPLHGRGHODJHQWHXQDDXWpQWLFDFDQDOODGD
+D\XQSUHFLRSRUHOTXHXQRVHSXHGHOHYDQWDUDODVGHODPDxDQDSDUDLUDWUDEDMDU\RWURHQTXHHPSLH]DDVHURQHURVRSURWHVWD
6DQGDOLR*yPH]SURIHVRUGH5HODFLRQHV/DERUDOHVGHO,(6(DSR\DODFRQJHODFLyQVDODULDOVLHPSUHTXHVHDDOJRVLQFHURSRUSDUWHGHODHPSUHVD\TXHKD\DXQFRPSURPLVRUHDOGHOHPSUHVDULRSRUVDFDUHOQHJRFLRDGHODQWH&XiQWDVYHFHVORVWUDEDMDGRUHVKDQDFHSWDGRUHGXFLUVHHO
VXHOGR\ODHPSUHVDKDDFDEDGRHFKDQGRDJHQWHDODFDOOHUHFXHUGD
)8(17((/3$66HUDItGHO$UFR([WUDFWRGHODUWtFXOR(OGLOHPDGHVDFULFDUVXHOGRSDUDVDOYDUHOHPSOHR

D 4XpDFHSWDURQORVWUDEDMDGRUHVGH6HDW"4XpHVWDEDHQMXHJR"
E 3DUD-DYLHU,EDUVSRUTXpHVXQDYiOYXODGHR[tJHQR"<SDUD5DIDHO2UWL]FXiQGRWLHQHVHQWLGRHVWDPHGLGD"
F 4XpRSLQDHOUHSUHVHQWDQWHGH&&22HQ6HDW"3DUD6DQGDOLR*yPH]FXiQGRKD\TXHDSR\DUHVWHWLSRGHPHGLGDV"
G 4XpRSLQDVW~"(VXQDEXHQDPHGLGD"&UHHVTXHHVpWLFR\MXVWR"2UJDQL]DGXQMXHJRGHUROHVGRQGHDOXPQRVVHDQORVHPSUHVDULRV
\ORVUHSUHVHQWDQWHVGHORVVLQGLFDWRVHLQWHQWDGOOHJDUDXQDFXHUGRVREUHODFRQJHODFLyQVDODULDOSDUDHYLWDUGHVSLGRVGHOGHODSODQWLOOD

 +    


( 
(
G
+DVWDQRYLHPEUHGHHOQ~PHURGHWRWDOGHH[SHGLHQWHVGHUHJXODUL]DFLRQHVGHHPSOHRFUHFLyKDVWDORVXQPiVHOGHDIHFWDGRVOOHJyDXQPiV7DPELpQFUHFHQODVFLIUDVSDUFLDOHV\HQWUHHVWDV~OWLPDVGHVWDFDHODXPHQWRGHOQ~PHURGHDIHFWDGRVSRU
GHVSLGRVFROHFWLYRVTXHDFDEDURQVLQSDFWRSDVyGHDXQPiVTXHHQORVSULPHURVPHVHVGHVHJ~QHO0LQLVWHULR
GH(PSOHR+DQFUHFLGRORVWLSRVGHUHJXODUL]DFLyQTXHFRQWHPSODODOH\ODUHGXFFLyQGHMRUQDGDHQXQODVVXVSHQVLRQHVGHFRQWUDWRV
HQXQ\ORVGHVSLGRVPDVLYRVHQXQ1RREVWDQWHHOGHWDOOHGHHVWH~OWLPRVtTXHPXHVWUDXQVDOWRPX\LPSRUWDQWHHQORVGHVSLGRV
FROHFWLYRVQRSDFWDGRV3RUTXp"3RUTXHDQWHULRUPHQWHVLHO(5(OHOOHJDEDDOD$XWRULGDG/DERUDOFRQHODYDOGHXQSDFWRpVWDQRWHQtDPiV
UHPHGLRTXHGDUOHVXYLVWREXHQR(VWRUHIRU]DEDPXFKRHOSRGHUGHQHJRFLDFLyQGHORVVLQGLFDWRVTXHGHKHFKRFDVLJR]DEDQGHGHUHFKRGH
YHWR3HURDSHVDUGHOSURWDJRQLVPRGHORVGHVSLGRVFROHFWLYRVHOGHODVUHVFLVLRQHVGHORVFRQWUDWRVOOHJDQSRUODYtDLQGLYLGXDO6REUH
WRGRORVSXHVWRVGHWUDEDMRVHHOLPLQDQDWUDYpVGHODQRUHQRYDFLyQGHORVFRQWUDWRVWHPSRUDOHV
)8(17((/3$6([WUDFWRGHODQRWLFLDGH09*

D &XiQWRKDQDXPHQWDGRHOQ~PHURGHDIHFWDGRVSRUUHJXODUL]DFLRQHVGHHPSOHRGHXQDxRDRWUR"<ORVGHVSLGRVFROHFWLYRVVLQSDFWR"
&XiQWRKDQFUHFLGRODVUHGXFFLRQHVGHMRUQDGDODVVXVSHQVLRQHV\ORVGHVSLGRVUHVSHFWRDODxR"
E 3RUTXpDQWHULRUPHQWHVHEXVFDEDHOSDFWRGHO(5(FRQORVVLQGLFDWRVRHOFRPLWp"+D\PiVGHVSLGRVFROHFWLYRVRLQGLYLGXDOHV"
F 4XpRSLQDVGHOSDSHOTXHWLHQHQORVVLQGLFDWRVRHOFRPLWpGHHPSUHVDHQODVQHJRFLDFLRQHVGHXQ(5(FRQODUHIRUPDODERUDOGH"

3@

?  4
#
    

ORVWUDEDMDGRUHV
: $1&$! "
1! 
   
*!

  

,!  
2A  
/RVFRQLFWRVFROHFWLYRV
3A 
 
 

#>&1!? "
0$
       
   E   

&RQRFHUTXLpQHVSXHGHQVHUORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHV
0$

 C 
  
 

0

    

9DORUDUODVROXFLyQH[WUDMXGLFLDOGHFRQLFWRVFRPRXQDYtDGHDFXHUGR

?93#/D %%#/%J9A!B$ D/&/5/9BDA$




<   

D>'1&

/DOLEHUWDGVLQGLFDOQRVLHPSUH KD VLGR UHFRQRFLGD


FRPR XQ GHUHFKR GH ORV
WUDEDMDGRUHVVLQRTXHLQFOXVR KD VLGR FRQVLGHUDGD XQ
GHOLWR
$ QLYHO PXQGLDO HV OD 2,7
ODTXHDSUXHEDHQORVDxRV
\ORVFRQYHQLRV
Q~PHURV\SDUDUHFRQRFHUHVWHGHUHFKRHOFXDO
QRHVUDWLFDGRSRU(VSDxD
KDVWD

/RVVLQGLFDWRVHVWiQ 
 %
GHVGHSXHVDQWHULRUPHQWHVHFRQVLGHUDEDLOHJDO
WDQWRFUHDUVLQGLFDWRVFRPRSHUWHQHFHUDHOORV&RQOD:
(
&GHODOLEHUWDGVLQGLFDOSDVDDVHUXQGHUHFKRIXQGDPHQWDOGHWRGRVORVFLXGDGDQRVHOFXDOYLHQHUHFRJLGRHQVXDUWtFXOR
/DOLEHUWDGVLQGLFDOWLHQHGRVYHUWLHQWHV  
    

%0
/DSRVLWLYDHVWDEOHFHTXHWRGRVORVFLXGDGDQRVWLHQHQGHUHFKRDDOLDUVHDXQVLQGLFDWRTXHHOLMDQ
\DGDUVHGHEDMDYROXQWDULDPHQWH\WDPELpQD+(
 
$HVWRVVHOHVUHFRQRFHODSRVLELOLGDG
GHFRQIHGHUDUVHFRQRWURVVLQGLFDWRV
6LQHPEDUJRODOLEHUWDGVLQGLFDOQRVRORHVDOLDUVHDXQVLQGLFDWRRFUHDUORVLQRTXHWDPELpQH[LVWHOD
OLEHUWDGVLQGLFDO
%QDGLHSXHGHVHUREOLJDGRDSHUWHQHFHUDXQVLQGLFDWR(QGHQLWLYDOD&RQVWLWXFLyQHVWDEOHFHWDQWRODOLEHUWDGGHDOLDUVHFRPRODGHQRDOLDUVH

326,7,9$
'HUHFKRDDOLDUVH\GDUVHGHEDMD
$IXQGDUVLQGLFDWRV\FRQIHGHUDFLRQHV

/,%(57$'
6,1',&$/

1(*$7,9$
'HUHFKRDQRDOLDUVH

3RUHOORGHELGRDTXHH[LVWHOLEHUWDGVLQGLFDOSRVLWLYD\QHJDWLYDDODKRUDGHUHSUHVHQWDUDORV
FRPSDxHURVGHWUDEDMRHQODHPSUHVDQRHVREOLJDWRULRSHUWHQHFHUDXQVLQGLFDWR\TXHHOVLQGLFDWRWHHOLMD
SDUDVHUUHSUHVHQWDQWHVLQRTXHVHSHUPLWHTXHORVWUDEDMDGRUHVYRWHQGLUHFWDPHQWHDVXVUHSUHVHQWDQWHVIRUPHQSDUWHRQRGHXQVLQGLFDWR'HDKtTXHH[LVWDQ RPDQHUDVGH
 
 9
 

(
IRUPDGDSRUORVGHOHJDGRVGHSHUVRQDO\ORVPLHPEURVGHOFRPLWpGH
HPSUHVDTXHKDQVLGR %     9  5  (
 0

$HVWDVHOHFFLRQHVVHSXHGHQ
 
  9   

  


TXHQRSHUWHQHFHQDQLQJXQRGHHOORV$OVHUHOHJLGRVSRUODSODQWLOODGHOD
HPSUHVDYDQDUHSUHVHQWDUDWRGRHOSHUVRQDOGHODPLVPD
 


OVRQORVGHOHJDGRVVLQGLFDOHV\VHFFLRQHVVLQGLFDOHVTXHKDQVLGR 0
%   
SDUDUHSUHVHQWDUDORVPLVPRVGHQWURGHODHPSUHVD$OVHUYRWDGRVSRUVX
SURSLRVLQGLFDWRVRORYDQDUHSUHVHQWDUDHVHVLQGLFDWRQRDWRGRHOSHUVRQDOGHODHPSUHVD

5(35(6(17$&,1
81,7$5,$
'2602'(/26
'(
3$57,&,3$&,1
5(35(6(17$&,1
6,1',&$/



&20,7e
'((035(6$
'(/(*$'26
'(3(5621$/
'(/(*$'26
6,1',&$/(6
6(&&,21(6
6,1',&$/(6

?93#/D %%#/%J9A!B$ D/&/5/9BDA$




<  

(

/DUHSUHVHQWDFLyQXQLWDULDHVWiIRUPDGDSRUORVUHSUHVHQWDQWHVTXH
% 
 
 9  5  (
 
$OVHUHOHJLGRVSRUODSODQWLOODGHOFHQWURGHWUDEDMR
UHSUHVHQWDQDpVWDHQVXWRWDOLGDGDOFRQWUDULRGHORTXHVXFHGHFRQORVGHOHJDGRVVLQGLFDOHVTXHVROR
UHSUHVHQWDQDVXVLQGLFDWR

'H  


  


 
VRQ 6 6HWUDWDGHXQSURFHVRODUJR\FRPSOHMRGRQGHVRORYDPRVDGHVWDFDUODVVLJXLHQWHVFDUDFWHUtVWLFDV


7   


R
(

UWRGRVORVPD\RUHVGHDxRVTXHWHQJDQXQDDQWLJHGDGGHDOPHQRV
PHVHV\SXHGHQYRWDUWRGRVORVPD\RUHVGHDxRVTXHWHQJDQXQDDQWLJHGDGPtQLPDGHPHV
  HVWiIRUPDGDSRUXQSUHVLGHQWHHOWUDEDMDGRUPiVDQWLJXR\YRFDOHVHOPiV
PD\RU\HOPiVMRYHQHQHGDG+D\XQDPHVDHOHFWRUDOFDGDWUDEDMDGRUHVRIUDFFLyQSRUFDGDXQR
GHORVFROHJLRVHOHFWRUDOHV
6LKD\DOPHQRVWUDEDMDGRUHVKD\XQ5GHHPSUHVD\VHIRUPDQ % 
XQRSDUDWpFQLFRV\DGPLQLVWUDWLYRV FXHOOREODQFR \RWURSDUDRSHUDULRVWUDEDMDGRUHVFXDOLFDGRV\
QRFXDOLFDGRV FXHOORD]XO 3RUWDQWRFDGDVHFFLyQGHWUDEDMDGRUHVHOLJHDVXVUHSUHVHQWDQWHV

C"'#D'" E;&<<<F

3DUD SUHVHQWDU XQD FDQGLGDWXUD LQGHSHQGLHQWH KDFH


IDOWDHQWUHJDUXQDYDOGHUPDVGHOWULSOHGHSXHVWRVTXH
VH GHVHDQ RFXSDU$Vt SRU
HMHPSORSDUDFXEULUSXHVWRVKDEUtDTXHSUHVHQWDU
UPDV

6LKD\PHQRVGHWUDEDMDGRUHVHQHOFHQWURVHHOLJHQGHD%  
O7RGRVORV
FDQGLGDWRVVHSUHVHQWDQMXQWRVHQ(
 % HOHFWRUDO
3DUDHOFRPLWpGHHPSUHVDVHXWLOL]DHOVLVWHPDGH FRQODVFDQGLGDWXUDVGHORVVLQGLFDWRVRLQGHSHQGLHQWHV FRPRHQODV&RUWHVSRUOLVWDV \SDUDGHOHJDGRVGHSHUVRQDOKD\(
  0
RUGHQDGDDOIDEpWLFDPHQWHFRQWRGRVORVFDQGLGDWRVGRQGHVHUHOOHQDQGHDFDVLOODVGHODOLVWD
/DVFDQGLGDWXUDVTXHORJUDQ 
  =GGHORVYRWRVQRREWLHQHQUHSUHVHQWDQWHV\VXVYRWRV
VRQDQXODGRV

: 2 
(QGRVHPSUHVDVGH\GHWUDEDMDGRUHVVHYDQDFHOHEUDUHOHFFLRQHVDUHSUHVHQWDQWHV6HHOHJLUiQGHOHJDGRVGHSHUVRQDORPLHPEURVGHOFRPLWpGHHPSUHVD"6HXWLOL]DOLVWDDELHUWDRFHUUDGD"&XiQWRVFROHJLRVHOHFWRUDOHVGHEHQKDEHU"
"(

(QODHPSUHVDGHWUDEDMDGRUHVKDEUiXQFRPLWpGHHPSUHVDSRUORTXHVHXWLOL]DUiODOLVWDFHUUDGDSRUFDQGLGDWXUDV\KDEUiGRVFROHJLRV
HOHFWRUDOHVXQRSDUDRSHUDULRV\RWURSDUDWpFQLFRV\DGPLQLVWUDWLYRV(QODHPSUHVDGHWUDEDMDGRUHVKDEUiGHOHJDGRVGHSHUVRQDOVH
XWLOL]DUiODOLVWDDELHUWDFRQORVFDQGLGDWRVRUGHQDGRVDOIDEpWLFDPHQWH\KDEUiXQ~QLFRFROHJLRHOHFWRUDO

#H  %  


  5  
0HQRVGH
WUDEDMDGRUHV

'(/(*$'26
'(3(5621$/

RPiV
WUDEDMDGRUHV

&20,7e'(
(035(6$



?93#/D %%#/%J9A!B$ D/&/5/9BDA$


9   

'HD

WUDEDMDGRUHV
GHOHJDGR
'HD

WUDEDMDGRUHV
GHOHJDGR
'HD
WUDEDMDGRUHV


GHOHJDGRV

&RPLWpGHHPSUHVD
7UDEDMDGRUHV
0LHPEURV
'HD

'HD

'HD

'HD

'HD


6HDxDGHQ
PLHPEURVPiV
'HHQ SRUFDGD
DGHODQWH
yIUDFFLyQ
 Pi[LPR
PLHPEURV




 %  


VRQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVHQDTXHOORVFHQWURVGHWUDEDMR
GHPHQRVGHWUDEDMDGRUHV
(QHPSUHVDVGH 4  WUDEDMDGRUHVH[LVWLUiGHIRUPD(
XQGHOHJDGRGHSHUVRQDOFXDQGR
DVtORGHFLGDODPD\RUtDGHODSODQWLOOD
(QFHQWURVGHHQWUH 63WUDEDMDGRUHVVHUi%TXHH[LVWDQHQWUH  %GHSHUVRQDOVHJ~QODWDEOD(QHOFDVRGHTXHVHDQGHOHJDGRVODVGHFLVLRQHVODVWRPDUiQGHFRP~QDFXHUGR
(O5  HVHOyUJDQRGHSDUWLFLSDFLyQREOLJDWRULRTXHH[LVWHHQORVFHQWURVGHWUDEDMRTXH
WHQJDQDOPHQRVWUDEDMDGRUHV
(OFRPLWpHMHUFHVXVIXQFLRQHVGHIRUPDFROHJLDGDRVHDSRUPD\RUtDGHVXVPLHPEURV(O
7

PLHPEURVGHOFRPLWpHQFDGDFDVRHVHOTXHDSDUHFHHQODWDEOD

:H  5
(O5 
9(
HQDTXHOORVFHQWURVGHWUDEDMRGHODPLVPDSURYLQFLDRGHGLVWLQWDSURYLQFLDSHUR
FX\RVPXQLFLSLRVVHDQOLPtWURIHV IURQWHUL]RV VLFDGDXQRQROOHJDDWUDEDMDGRUHVSHURVXPiQGRORV
WRGRVVtVHDOFDQ]DHVDFLIUDVHFUHDUiXQFRPLWpGHHPSUHVDFRQMXQWRSDUDWRGRVORVFHQWURV
(O 5 

ORVFRQYHQLRVFROHFWLYRVSRGUiQSDFWDUTXHFXDQGRH[LVWDQYDULRVFRPLWpV
GHHPSUHVDVHSXHGDFUHDUXQFRPLWpLQWHUFHQWURVTXHHVWpIRUPDGRSRUUHSUHVHQWDQWHVGHORVGLVWLQWRV
FRPLWpVGHHPSUHVD
(OQ~PHURPi[LPRSDUDHVWHFRPLWpVHUiGHPLHPEURV\VHUiQHOHJLGRVHQWUHORVLQWHJUDQWHVGHORV
GLVWLQWRVFRPLWpVGHHPSUHVD
(O 5   (VHSRGUiFUHDUDLQLFLDWLYDGHODGLUHFFLyQRGHXQPtQLPRGH
WUDEDMDGRUHVTXHSHUWHQH]FDQDGRVFHQWURVGHGLVWLQWRVSDtVHV6XIXQFLyQHVGHLQIRUPDFLyQ\FRQVXOWD

: 2 
(QODSURYLQFLDGH9DOHQFLDVHKDQUHDOL]DGRHOHFFLRQHVDUHSUHVHQWDQWHVHQHPSUHVDV8QDHPSUHVDFXHQWDFRQFHQWURVGHWUDEDMRHQ
ORVFXDOHVKD\\WUDEDMDGRUHVUHVSHFWLYDPHQWH/DVHJXQGDHPSUHVDFXHQWDFRQXQVyORFHQWURGHWUDEDMRGHWUDEDMDGRUHV/D
WHUFHUDHPSUHVDFXHQWDFRQXQFHQWURGHWUDEDMRGHWUDEDMDGRUHV
&XiQWRVGHOHJDGRVGHSHUVRQDORPLHPEURVGHFRPLWpGHHPSUHVDWHQGUiQFDGDHPSUHVD"
"(

/DSULPHUDHPSUHVDWHQGUiXQFRPLWpGHHPSUHVDFRQMXQWRSXHVDXQTXHFDGDFHQWURSRUVtVRORQROOHJDDWUDEDMDGRUHVSDUDWHQHUFRPLWp
DOVXPDUWRGRVORVWUDEDMDGRUHVGHORVFHQWURVGHODPLVPDSURYLQFLDVtTXHVXPDQWUDEDMDGRUHV\WHQGUtDXQFRPLWpFRQMXQWRIRUPDGRSRU
PLHPEURV
/DVHJXQGDHPSUHVDWLHQHHQWUH\WUDEDMDGRUHVSRUORTXHWHQGUiPLHPEURVHQHOFRPLWpGHHPSUHVD
/DWHUFHUDHPSUHVDDOHVWDUHQWUH\WUDEDMDGRUHVFRQWDUiFRQGHOHJDGRVGHSHUVRQDOSHURQROOHJDDWHQHUFRPLWpGHHPSUHVD

: 2 
/DHPSUHVD&DUDPHOR6$FXHQWDFRQXQDIiEULFD\WLHQGDVGLVWULEXLGRUDVGHVXVSURGXFWRVWDQWRHQ(VSDxDFRPRHQOD8((Q(VSDxD
FXHQWDFRQIiEULFDGHWUDEDMDGRUHVDVtFRPRXQDWLHQGDGLVWULEXLGRUDSRUFDGDXQDGHODVSURYLQFLDVHVSDxRODVFRQXQDSODQWLOODGH
WUDEDMDGRUHVFDGDWLHQGD(QRWURVSDtVHVGHOD8(WLHQHWLHQGDVGHWUDEDMDGRUHVFDGDXQD&XiQWRVFRPLWpVGHHPSUHVDWHQGUiOD
HPSUHVDHQ(VSDxD\GHFXiQWRVPLHPEURV"7HQGUiRWURWLSRGHFRPLWpVHVWDHPSUHVD""(

(Q(VSDxDODHPSUHVDFRQWDUiFRQXQFRPLWpGHHPSUHVDSDUDODIiEULFDIRUPDGRSRUPLHPEURV  \DGHPiVFRQXQFRPLWpGH
HPSUHVDSRUFDGDXQDGHODVSURYLQFLDVHVSDxRODVIRUPDGRGHPLHPEURVFDGDFRPLWp
'HIRUPDYROXQWDULDSRGUiHVWDEOHFHUVHSRUFRQYHQLRXQFRPLWpLQWHUFHQWURVTXHFRRUGLQHDWRGRVORVFRPLWpVGHHPSUHVDHOFXDOHVWDUi
IRUPDGRSRUXQPi[LPRGHPLHPEURV$VtPLVPRVHSRGUiFRQVWLWXLUXQFRPLWpGHHPSUHVDHXURSHRDOWHQHUFHQWURVGHWUDEDMRHQOD8(



?93#/D %%#/%J9A!B$ D/&/5/9BDA$




H :
 %
,
/RVGHOHJDGRVGHSHUVRQDO\PLHPEURVGHOFRPLWpGHHPSUHVDGLVSRQHQGHXQDVHULHGHFRPSHWHQFLDV\GHJDUDQWtDVSDUD L (
+(

$VtPLVPRFXHQWDQFRQXQ5 XQDVHULHGHKRUDVOLEUHVSDUDSRGHUUHDOL]DUHVWDVIXQFLRQHV/RVGHOHJDGRVVLQGLFDOHVFXHQWDQWDPELpQFRQODVPLVPDVJDUDQWtDV\FRQHOFUpGLWRKRUDULRVLELHQVXVIXQFLRQHVRFRPSHWHQFLDVVRQGLVWLQWDVFRPR\DYLPRVHQHO
DSDUWDGRDQWHULRU

. 
+
SRUSDUWHGHODHPSUHVDHQWHPDVFRPRODVLWXDFLyQHFRQyPLFD\FRQWDEOHORV

&203(7(1&,$6

*$5$17$6

DFFLGHQWHVGHWUDEDMRORVFRQWUDWRVUHDOL]DGRVHODEVHQWLVPRFDPELRVHQODSODQWLOOD\SUHYLVLRQHVVDQFLRQHVLPSXHVWDVDWUDEDMDGRUHVHWF
   
(HQWHPDVFRPRGHVSLGRVUHHVWUXFWXUDFLyQGHODSODQWLOODWUDVODGRVUHGXFFLRQHVGHMRUQDGDVXVSHQVLRQHVGHFRQWUDWRVHWF
?%  (
  
ODERUDO\GHVHJXULGDGHKLJLHQHDVtFRPRLQWHUSRQHUGHQXQFLDVDQWHOD,QVSHFFLyQGH7UDEDMRRDFXGLUDO-X]JDGRGHOR6RFLDO

1RSXHGHQVHU 
 

GHIRUPD 
SRUHOKHFKRGHVHUUHSUHVHQWDQWHV6LXQUHSUHVHQWDQWHFUHHTXHKDH[LVWLGRGLVFULPLQDFLyQORSXHGHDOHJDUHQHOMXLFLR\HVOD
HPSUHVDTXLHQGHEHSUREDUTXHQRODKXER(QFDVRFRQWUDULRHOGHVSLGRVHGHFODUDQXOR\HOUHSUHVHQWDQWHSXHGHYROYHUDOWUDEDMR(VWHGHUHFKRVHDODUJDKDVWDXQDxRGHVSXpVGHTXHWHUPLQHVXPDQGDWR
(QHOFDVRGHTXHHO  
HOTXHGHFLGHVLFREUDODLQGHPQL]DFLyQRHVUHDGPLWLGRHVHOUHSUHVHQWDQWH\QRODHPSUHVD
6LVHOHLPSRQHXQD 

%  ( %SULPHURKD\TXHHVFXFKDUDOUHSUHVHQWDQWHDVt
FRPRDOUHVWRGHUHSUHVHQWDQWHVSDUDTXHSXHGDQH[SUHVDUVXYHUVLyQGHORVKHFKRV(VWHWUiPLWHVH
OODPDDSHUWXUDGHH[SHGLHQWHFRQWUDGLFWRULR6LODHPSUHVDQRORUHDOL]DHOGHVSLGRHVQXOR
7LHQHQ  

HQODHPSUHVDHQFDVRGHGHVSLGRRVXVSHQVLyQSRUFDXVDVHFRQyPLFDV R WHFQROyJLFDV7DPELpQ WLHQHQ SULRULGDG GH SHUPDQHQFLD HQ HO FDVR GH TXH VH SURGX]FD XQ
WUDVODGR
7LHQHQGHUHFKRDX ( 

HQODVPDWHULDVSURSLDVFRPRUHSUHVHQWDQWH
7LHQHQGHUHFKRDXQ5 SDUDUHDOL]DUVXVIXQFLRQHVGHQWURGHODMRUQDGDODERUDOVHJ~QOD
WDEODTXHJXUDHQHOODWHUDO
&DEHODSRVLELOLGDGGHTXHSRUFRQYHQLRVHUHJXOHTXHODV   ((
DORVUHSUHVHQWDQWHV
PiVYRWDGRVGHPDQHUDTXHHVWRVTXHGHQOLEHUDGRVWRWDOPHQWHGHODDFWLYLGDGODERUDO\VHGHGLTXHQ
VRODPHQWHDHMHUFHUIXQFLRQHVVLQGLFDOHV6RQORVOODPDGRV 


D>'1&

: 2 6
6XVDQDKDHVFXFKDGRTXHORVGHOHJDGRVVLQGLFDOHVRGHSHUVRQDOQXQFDSXHGHQVHUGHVSHGLGRV
KDJDQORTXHKDJDQRDXQTXHH[LVWDXQ(5(DHOORVSRUVHUGHOHJDGRVQXQFDORVSXHGHQWLUDU
3HUR1HUHDOHGLFHTXHQRHVDVt4XHORVSXHGHQGHVSHGLUSRUPRWLYRVGLVFLSOLQDULRVOR~QLFRHVTXH
ODHPSUHVDWLHQHTXHGHPRVWUDUTXHQRKDEtDGLVFULPLQDFLyQ\TXHHQXQ(5(WDPELpQORVSXHGHQ
GHVSHGLUORTXHVXFHGHHVTXHVRQORV~OWLPRVHQVHUGHVSHGLGRV
4XLpQWLHQHUD]yQ6XVDQDR1HUHD"
"(

1HUHDHVWiHQORFLHUWRSXHVORVUHSUHVHQWDQWHVSXHGHQVHUGHVSHGLGRV*R]DQGHODJDUDQWtDGH
TXHKD\TXHGHPRVWUDUTXHQRKXERGLVFULPLQDFLyQFRQHOORV\HVSUHFLVRHVFXFKDUGHIRUPDSUHYLD
DOUHSUHVHQWDQWH\DORVGHPiVUHSUHVHQWDQWHV$VtPLVPRHQFDVRGHGHVSLGRFROHFWLYRVHUtDQORV
~OWLPRVHQVHUGHVSHGLGRV

&UpGLWR KRUDULR GH ORV UHSUHVHQWDQWHV


+DVWD

 WUDEDMDGRUHV HQ
HOFHQWURKRUDVDOPHV
'HDWUDEDMDGRUHV

KRUDVDOPHV
'HDWUDEDMDGRUHV

KRUDVDOPHV
'HDWUDEDMDGRUHV

KRUDVDOPHV
0iV

GH  WUDEDMDGRUHV
KRUDVDOPHV



?93#/D %%#/%J9A!B$ D/&/5/9BDA$




<  

D>'1&

/RVGRVVLQGLFDWRVPiVUHSUHVHQWDWLYRV D QLYHO HVWDWDO8*7\&&22

0    DVRFLDFLRQHVGHWUDEDMDGRUHV# 
  
        

<<  %
L
  

 %
L


GHORVVLQGLFDWRVKDGHVHUGHPRFUiWLFD/RVVLQGLFDWRVWLHQHQSDUD
HODERUDUVXV (\yUJDQRVGHJRELHUQRSDUDHOHJLUDVXVUHSUHVHQWDQWHV\RUJDQL]DUVX
SURJUDPDGHDFFLyQVLQGLFDODVtFRPRSDUDJHVWLRQDUORVELHQHVTXHOHVVRQSURSLRV
&yPR VHQDQFLDQORVVLQGLFDWRV"$WUDYpVGHGRVYtDVSULQFLSDOHVODVFXRWDVGHORVDOLDGRV\ODV
D\XGDV\VXEYHQFLRQHVS~EOLFDVTXHUHFLEHQ
$   9SXHGHQSHUWHQHFHUDXQVLQGLFDWR

4XLpQHV (


4XLpQHV
 (


VLQGLFDWR"
VLQGLFDWR"
/RVWUDEDMDGRUHVSRUFXHQWDDMHQD
/RVMXHFHVPDJLVWUDGRV\VFDOHV
/RVSDUDGRV
/DV)XHU]DV$UPDGDV HOHMpUFLWR \RWUDVGHFD/RVMXELODGRV\ORVWUDEDMDGRUHVTXHKD\DQTXH- UiFWHUPLOLWDU *XDUGLD&LYLO 
GDGRLQFDSDFLWDGRV
/DV)XHU]DV\&XHUSRVGH6HJXULGDG ODSROLFtD 
/RVWUDEDMDGRUHVSRUFXHQWDSURSLD DXWyQRPRV  SRGUiQSHUWHQHFHURQRVHJ~QORTXHGLFWHQODV
OH\HV TXH OR GHVDUUROOHQ$FWXDOPHQWH H[LVWH XQ
TXHQRWHQJDQWUDEDMDGRUHVFRQWUDWDGRV
VLQGLFDWRGHSROLFtD
D>'1&

4Xp   
H[LVWHQ"
(QIXQFLyQGHVL

 (   WUDEDMDGRUHVWHQHPRVORVVLJXLHQWHV

$OLJXDOTXHH[LVWHQVLQGLFDWRV SDUD UHSUHVHQWDU D ORV


WUDEDMDGRUHV WDPELpQ H[LVWHQ$VRFLDFLRQHV (PSUHVDULDOHVSDUDUHSUHVHQWDUDORV
HPSUHVDULRV
/DV GRV PiV UHSUHVHQWDWLYDV D QLYHO HVWDWDO VRQ OD
&(2(\OD&(3<0(

 
 2 
 
 VRQDTXHOORVTXHWLHQHQPiVGHOGH
GHOHJDGRVHQODVHOHFFLRQHVVLQGLFDOHVFRQWDELOL]DGRVDQLYHOQDFLRQDO(Q(VSDxDDFWXDOPHQWHVRQORV
GRVVLQGLFDWRVPiVJUDQGHV;J1 :: 
 
 2 
 
 (
 VRQDTXHOORVTXHWLHQHQPiVGHO
GHGHOHJDGRVHQXQD&RPXQLGDG$XWyQRPD\TXHDGHPiVFXHQWDQFRQPiVGHGHOHJDGRV3RU
HMHPSORHOVLQGLFDWR(/$HQHO3DtV9DVFR
 
 2 
VRQDTXHOORVTXHKDQREWHQLGRHQXQiPELWRIXQFLRQDOFRQFUHWR GHXQVRORVHFWRU PiVGHOGHGHOHJDGRV3RUHMHPSORHQHOiPELWRGHORVIXQFLRQDULRVHO
VLQGLFDWR&6,)TXHVRODPHQWHUHSUHVHQWDDIXQFLRQDULRV
/RVVLQGLFDWRVPiVUHSUHVHQWDWLYRVWLHQHQXQDVHULH  DOUHVWRGHVLQGLFDWRV3RU
HMHPSORORVPiVUHSUHVHQWDWLYRVDQLYHOHVWDWDO 8*7\&&22 VRQORVTXHUHSUHVHQWDQDORVVLQGLFDWRV
DQWHOD$GPLQLVWUDFLyQ\WDPELpQWLHQHQGHUHFKRDTXHVHOHVFHGDQLQPXHEOHVS~EOLFRVSDUDVXXVR

<<  
  
 
 
/DSDUWLFLSDFLyQGHORVVLQGLFDWRVHQODVHPSUHVDVVHOOHYDDFDERDWUDYpVGHORVGHOHJDGRVVLQGLFDOHV\
ODVVHFFLRQHVVLQGLFDOHV

6

'(/(*$'26
6,1',&$/(6

$OPHQRVWUDEDMDGRUHV
$OPHQRVXQUHSUHVHQWDQWH
HQHOFRPLWp

6(&&,21(6
6,1',&$/(6

7RGRVORVDOLDGRVDXQ
VLQGLFDWRHQXQDHPSUHVD




?93#/D %%#/%J9A!B$ D/&/5/9BDA$

'H "
 

 
 
VRQ WRGRVORVDOLDGRVDXQVLQGLFDWRGHQWURGHXQDHPSUHVD/DV
VHFFLRQHVVLQGLFDOHV\ORVDOLDGRVWLHQHQORVGHUHFKRVTXHVHLQGLFDQPiVDEDMR
 
 
 TXHIRUPHQSDUWHGHORVVLQGLFDWRVPiVUHSUHVHQWDWLYRVRGHVLQGLFDWRVTXH
WHQJDQDOJ~QUHSUHVHQWDQWHHQHOFRPLWpGHHPSUHVDWLHQHQXQRV 
'HUHFKRDXQ
 
(
HQHOFHQWURGHWUDEDMRVLWXDGRHQXQOXJDUDFFHVLEOH
'HUHFKRDXQDGHFXDGRSDUDVXVDFWLYLGDGHVVLHOFHQWURWLHQH2  = 9
'HUHFKRD
% 

FROHFWLYRVHQODHPSUHVD
9
  9
9
 
 

DOLDGRV  
  
$( 
+
GHOVLQGLFDWRHQODHPSUHVD
$SUHVHQWDUVHDODV 
 DUHSUHVHQWDQWHVHQODVHPSUHVDV
$ 
+
GHOVLQGLFDWRHQODHPSUHVD FRUUHR 
FRPLWpGHHPSUHVDGHOHJDGRVGHSHUVRQDO
$FHOHEUDU(

SDUDORVDOLDGRVDOVLQGLFDWR ORVTXHDFXGHQ $SODQWHDU(%
GHEHQHVWDUIXHUDGHOKRUDULRODERUDO 
$SODQWHDUXQ FRQLFWRFROHFWLYRDQWHHO-X]JDGRGHOR6RFLDOR
$UHFDXGDUODV (GHOVLQGLFDWR DKRUD\DVXHOHQHVWDUGRPLFL- 7ULEXQDO6XSHULRUGH-XVWLFLDHQFDVRGHGLVFUHSDQFLDFRQODHPSUHVD
OLDGDVHQHOEDQFR 

#H % 

 % 
VRQORV 

  
 
   <6RQ
HOHJLGRVSRUORVSURSLRVDOLDGRVDOVLQGLFDWR\UHSUHVHQWDQVyORDpVWH
5HTXLVLWRVSDUDTXHXQ
 
% % 


6RORH[LVWHQHQORVFHQWURVGHWUDEDMRTXHWLHQHQ 
 = 9<
6XVLQGLFDWRGHEHKDEHUREWHQLGR 
 (


 
 5GHHPSUHVD
&XiQWRVGHOHJDGRVVLQGLFDOHVSXHGHQKDEHU"
6LHOVLQGLFDWRWLHQHPHQRVGHOGHYRWRVGHOHJDGRVLQGLFDOSDUDFDGDVLQGLFDWR
6LHOVLQGLFDWRWLHQHDOPHQRVHOGHYRWRVVHJ~QHOWDPDxRGHOFHQWUR
(OFHQWURWLHQHHQWUHWUDEDMDGRUHVGHOHJDGRVLQGLFDOSDUDFDGDVLQGLFDWR

(OFHQWURWLHQHHQWUHWUDEDMDGRUHVGHOHJDGRVVLQGLFDOHVSDUDFDGDVLQGLFDWR

(OFHQWURWLHQHHQWUHWUDEDMDGRUHVGHOHJDGRVVLQGLFDOHVSDUDFDGDVLQGLFDWR

(OFHQWURWLHQHPiVGHWUDEDMDGRUHVGHOHJDGRVVLQGLFDOHVSDUDFDGDVLQGLFDWR

/RVGHOHJDGRVVLQGLFDOHVWLHQHQDDVLVWLUDODV(

  5   FRQYR]
SHURVLQYRWR\VHOHVGHEHQFRPXQLFDUORVH[SHGLHQWHVSRUIDOWDVJUDYHV\PX\JUDYHVGHORVWUDEDMDGRUHVTXHHVWpQDOLDGRVDVXVLQGLFDWR

D>'1&

(QHOOHQJXDMHFRORTXLDOVH
VXHOHQ OODPDU GHOHJDGRV
VLQGLFDOHVRHQODFHVVLQGLFDOHVDWRGRVORVUHSUHVHQWDQWHV GH ORV WUDEDMDGRUHV
6LQHPEDUJRHVWRVVRORUHSUHVHQWDQ D ORV VLQGLFDWRV
\QRVRQORVUHSUHVHQWDQWHV
HOHJLGRV SRU ORV WUDEDMDGRUHVHQODVHOHFFLRQHV
$GHPiVPX\SRFDVHPSUHVDVWLHQHQWUDEDMDGRUHV
SDUDSRGHUWHQHUGHOHJDGRV
VLQGLFDOHV

: 2 =
(QXQFHQWURGHWUDEDMRGHWUDEDMDGRUHVVHFHOHEUDURQHOHFFLRQHVDUHSUHVHQWDQWHVHOPHVSDVDGR(OVLQGLFDWR;KDREWHQLGRHOGH
ORVYRWRVHOVLQGLFDWR<HOGHORVYRWRV\HOVLQGLFDWR=HOGHORVYRWRV7RGRVHOORVKDQFRQVHJXLGRWHQHUUHSUHVHQWDFLyQHQHOFRPLWp
GHHPSUHVDSHURVHSUHJXQWDQFXiQWRVGHOHJDGRVVLQGLFDOHVOHVWRFDDFDGDXQRGHHOORV
"(

&RPRHOFHQWURGHWUDEDMRWLHQHPiVGHWUDEDMDGRUHVORVVLQGLFDWRVTXHWHQJDQSUHVHQFLDHQHOFRPLWpGHHPSUHVDSRGUiQWHQHUGHOHJDGRVVLQGLFDOHV/RVVLQGLFDWRVTXHWHQJDQPHQRVGHOGHORVYRWRVVRORWHQGUiQXQGHOHJDGRVLQGLFDOFRPRHVHOFDVRGHOVLQGLFDWR
=$ORVVLQGLFDWRV;H<TXHWLHQHQPiVGHOGHORVYRWRV\SRUWUDWDUVHGHXQFHQWURTXHSRVHHHQWUH\WUDEDMDGRUHVOHV
FRUUHVSRQGHUiQGHOHJDGRVVLQGLFDOHVDFDGDXQR

=

?93#/D %%#/%J9A!B$ D/&/5/9BDA$




6< & 

 
$ORODUJRGHODVXQLGDGHVGHGHUHFKRODERUDOKHPRVLGRDQDOL]DQGRHOFRQYHQLRFROHFWLYRGHOVHFWRUGHWX
FLFORIRUPDWLYR(QHVWHDSDUWDGRWDQVyORYHUHPRVHOiPELWRHQHOTXHVHDSOLFDQ\FyPRKDDIHFWDGROD
UHIRUPDODERUDOGHDORVFRQYHQLRVFROHFWLYRV

'H S  

#;":' &$
1; : $?&$!

%XVFD HQ HO FRQYHQLR GH WX


VHFWRUHOiPELWRSHUVRQDOWHUULWRULDO IXQFLRQDO \ WHPSRUDO
DOTXHVHDSOLFDHOFRQYHQLR

S 
ORKDELWXDOHVTXHORVFRQYHQLRVREOLJXHQDWRGRVORVWUDEDMDGRUHV\HPSUHVDULRV
GHHVHVHFWRURHPSUHVDHQHOTXHVHQHJRFLD6LQHPEDUJRDYHFHVVHSXHGHUPDUXQFRQYHQLRSDUD
GHWHUPLQDGDVFDWHJRUtDVSURIHVLRQDOHVFRPRHVHOFDVRGHORVSLORWRVGHDHUROtQHDVTXHUPDQVX
SURSLRFRQYHQLR
S HVHOWHUULWRULRHQHOTXHVHDSOLFDQHVWDWDOGHFRPXQLGDGDXWyQRPDGHSURYLQFLD
RDQLYHOORFDO
S +(

HVHOVHFWRUHFRQyPLFRGRQGHVHDSOLFDSRUHMHPSORFRQYHQLRGHOPHWDOGHOD
KRVWHOHUtDGHDUWHVJUiFDVHWFRHQVXFDVRODHPSUHVD
S VRQORVDxRVSRUORVTXHVHSDFWDHOFRQYHQLR/RKDELWXDOHVTXHVHUPHQSDUD
DxRVSHURFRQODUHIRUPDODERUDODKRUDSXHGHFDPELDU

#H :

 +   
/DUHIRUPDODERUDOGHKDLQWURGXFLGRLPSRUWDQWHVFDPELRVHQHOiPELWRWHPSRUDOGHORVFRQYHQLRV
FROHFWLYRVDVtFRPRHQVXDOFDQFH\ODSRVLELOLGDGGHPRGLFDUORV
/




*-1*



*-1*
8QDYH]WHUPLQDGDODGXUDFLyQGHOFRQYHQLR
%
DXWRPiWLFDPHQWHKDVWDTXHKX- 6LQRKD\XQQXHYRDFXHUGRHQHOL  (
GHVGHTXHQDOL]DHOFRQYHQLRpVWH
ELHVHXQQXHYRDFXHUGR VDOYRTXHVHKXELHVH \VHDSOLFDXQFRQYHQLRVXSHULRURELHQHO(VWDWXWRGHORV7UDEDMDGRUHV
SDFWDGRORFRQWUDULR 
 

   

+
VREUHORVFRQYHQLRVVXSHULRUHVGH
PDQHUDTXHVHSXHGHQQHJRFLDUPHMRUHVRSHRUHVFRQGLFLRQHVTXHHOFRQYHQLRGHVHFWRU
HQODV%(
 
/DFXDQWtDGHOVDODULREDVH\GHORVFRPSOHPHQWRVVDODULDOHV

(ODERQR\FRPSHQVDFLyQGHODVKRUDVH[WUDV

/RVFRQYHQLRVGHiPELWRWHUULWRULDOVXSHULRUWH- (OUpJLPHQGHOWUDEDMRDWXUQRV\VXUHWULEXFLyQ

QtDQSUHIHUHQFLDVREUHORVFRQYHQLRVLQIHULRUHV
(OKRUDULRGHWUDEDMR

GH HPSUHVD GH PDQHUD TXH HO FRQYHQLR SRU

HMHPSORGHXQDHPSUHVDGHOPHWDO  0 /DSODQLFDFLyQDQXDOGHODVYDFDFLRQHV

, 9HOFRQYHQLRGHOVHFWRUGHOPHWDO /DDGDSWDFLyQGHOVLVWHPDGHFODVLFDFLyQSURIHVLRQDO
SHURQRHPSHRUDUOR
/DDGDSWDFLyQGHFXHVWLRQHVVREUHPRGDOLGDGHVGHFRQWUDWRVTXHJXUDQHQHOFRQYHQLR

DxRVLQGHPQL]DFLyQHWF 
/DVPHGLGDVSDUDIDYRUHFHUODFRQFLOLDFLyQSHUVRQDOIDPLOLDU\ODERUDO ODFWDQFLDH[FHGHQ
FLDVFXLGDGRGHIDPLOLDUHVPDWHUQLGDGSDWHUQLGDGHWF 
(VWRVLJQLFDTXHHO

   ( WRGDVHVWDV


 

  <

8QD HPSUHVD SDUD SRGHU PRGLFDU DOJXQD


FRQGLFLyQ GHO 

 VREUH KRUDULRV WXUQRV VLVWHPD GH UHPXQHUDFLyQ \ VLVWHPD GH
WUDEDMR 
  ( FRQ ORV UHSUHVHQWDQWHV

4

   ( 9 HFRQyPLFDVSRUPiVGHWULPHVWUHVGHGLVPLQXFLyQGHYHQWDVRUJDQL]DWLYDVWHFQROyJLFDVRGHSURGXFFLyQ SXHGHQ PRGLFDU ODV


%(
 

  

ODMRUQDGDHOKRUDULRHOWUDEDMRDWXUQRVHO
VLVWHPDGHUHPXQHUDFLyQ ORVSOXVHVDDSOLFDU\ODFXDQWtDGHORVPLVPRV HOVLVWHPDGH
WUDEDMR\GHUHQGLPLHQWRODPRYLOLGDGH[WUDRUGLQDULD\ODVPHMRUDVYROXQWDULDVHQODVHJXULGDGVRFLDO ODSRVLELOLGDGGHSDJDUPiVHQODVEDMDV 
"
  (FRQORVUHSUHVHQWDQWHVVHDFXGHDODFRPLVLyQSDULWDULDGHOFRQYHQLR
\GHVSXpVD9HQOD&RPLVLyQ1DFLRQDO&RQVXOWLYD

?93#/D %%#/%J9A!B$ D/&/5/9BDA$




/RVFRQLFWRVFROHFWLYRV
$ORODUJRGHODUHODFLyQODERUDOSXHGHQH[LVWLUFRQLFWRVHQWUHORVWUDEDMDGRUHV\ODHPSUHVD&XDQGRVHWUDWDGHXQFRQLFWRHQWUHXQVRORWUDEDMDGRU\ODHPSUHVDVHWUDWDGHXQFRQLFWRLQGLYLGXDOHOFXDO\DKHPRVHVWXGLDGRHQHOWHPDDQWHULRU$KRUDYDPRVDYHUORVFRQLFWRVHQWUHORV
9  %(  ([LVWHQ GHFRQLFWRVFROHFWLYRV

&RQLFWR
MXUtGLFR

&XDQGRKD\XQDGLVFUHSDQFLDHQWUHODHPSUHVD\ORVWUDEDMDGRUHVVREUHOD

 (


 (QHVWRVFDVRV (   >(L%   "   1(


 "(
 >(SDUDTXHSURSRUFLRQHQXQDLQWHUSUHWDFLyQGHODQRUPD

&RQLFWRGH
LQWHUHVHV

&XDQGRVHTXLHUH (

TXH\DH[LVWHSDUDPRGLFDUODRSDUDTXHDSDUH]FD
(
(QHVWRVFDVRVVHDFXGH  (%  
 

SDUDFDPELDUHVDQRUPD7DPELpQ
H[LVWHQRWUDVPHGLGDVGHSUHVLyQFRPRODVPDQLIHVWDFLRQHVODVFRQFHQWUDFLRQHV\ORVHQFLHUURV

'H  (%
6HWUDWDGHXQGHUHFKRIXQGDPHQWDOGHOD&RQVWLWXFLyQ3DUDTXHXQD(%  %GHEHVHUXQD(%  



 ($GHPiVGHEHFXPSOLUFRQHO
TXHVHH[SOLFDHQODSiJLQDVLJXLHQWH

+XHOJDODERUDO

'HEHVHUXQDKXHOJDODERUDOSRUORTXH X( 
 (% ,(O7ULEXQDO&RQVWLWXFLRQDOLQWHUSUHWDTXHVRQLOHJDOHVODV 
 SROtWLFDVSHURVtVRQOHJDOHVODVKXHOJDVFRQWUDORV
SRGHUHVS~EOLFRVSRUODVFRQVHFXHQFLDVHFRQyPLFDVVRFLDOHV\ODERUDOHVTXHRFDVLRQDQVXVDFFLRQHV
3RUHMHPSORHQODJXHUUDGH,UDTORVVLQGLFDWRVIXHURQDODKXHOJDFRQHOVLJXLHQWHHVORJDQ1RDOD
JXHUUD\DVXVFRQVHFXHQFLDVHFRQyPLFDVODERUDOHV\VRFLDOHV6LQODFROHWLOODVHUtDXQDKXHOJDLOHJDO

+XHOJDGLUHFWD

'HEH VHU XQD KXHOJD GLUHFWD HVWiQ   (%   6t TXH VH SHUPLWH
FXDQGRVHWUDWDGHVROLGDULGDGFRQRWURVFRPSDxHURVGHWUDEDMRSRUHMHPSORFXDQGRKD\XQDKXHOJDGH
LQWHULQRV\ORVIXQFLRQDULRVORVDSR\DQ

+XHOJDQRQRYDWRULD

'HEHVHUXQDKXHOJDQRQRYDWRULDTXHTXLHUHGHFLUTXH
 XQDKXHOJDSDUD PRGLFDU %
TXHHVWiSDFWDGRHQXQFRQYHQLR VLKDVQHJRFLDGR\SDFWDGRQRYDOHGHVSXpVLUDODKXHOJDHQ
UHODFLyQDOR\DDFRUGDGR 2WUDFRVD
VHUtDXQDKXHOJDSDUDLQWURGXFLUDOJRQXHYRHQHOFRQYHQLRVLHPSUHTXHQRPRGLTXHORSDFWDGR6tTXHVHSHUPLWHDFXGLUDODKXHOJDVLODHPSUHVDLQFXPSOH
ORUHFRJLGRHQHOFRQYHQLR

+XHOJDVQRDEXVLYDV

 (% (VHSUHVXPHQLOHJDOHV6RQKXHOJDVDEXVLYDV


D /DV(% ORVWUDEDMDGRUHVVHDOWHUQDQVXFHVLYDPHQWHSRUVHFWRUHVRGHSDUWDPHQWRV
GHPDQHUDTXHVHSDUDOL]DHOWUDEDMRGHORVGHPiV
E /DV (% 5%RGHWDSyQGRQGHORVWUDEDMDGRUHVFHVDQHQSXHVWRVHVWUDWpJLFRVH
LPSLGHQDOUHVWRGHODHPSUHVDWUDEDMDU
F /DV (%  RUHJODPHQWRVHWUDEDMDPLQXFLRVDPHQWHFRQH[FHVLYDGLOLJHQFLDGHPDQHUD
TXHVHUDOHQWL]DHOWUDEDMR3RUHMHPSORVLORVYLJLODQWHVGHODHQWUDGDVXSHUYLVDQFRQGHWDOOHDWRGRHO
PXQGR\ODFRODSVDQ
G /DV (%   9
 PD\RUUHQGLPLHQWR VHSURGXFHXQDFDQWLGDGH[FHVLYDGHSURGXFWR
SDUDTXHDOHPSUHVDULROHVXSRQJDXQFRVWHHOWHQHUTXHPDQWHQHUORHQDOPDFpQ

I

?93#/D %%#/%J9A!B$ D/&/5/9BDA$




E(5
SXHGHQFRQYRFDUOD
(O5GHHPSUHVD\ORVGHOHJDGRVGHSHUVRQDOGHODHPSUHVD
 
TXHHVWpQLPSODQWDGRVHQHVHiPELWR
'LUHFWDPHQWHORV9HQYRWDFLyQVHFUHWD\DSUREDGDSRUPD\RUtD

&RQYRFDWRULD
-
SDUDFRQYRFDUOD
- 
= ,GHDQWHODFLyQDODHPSUHVD\DOD$XWRULGDG/DERUDO GtDVHQVHUYLFLRVS~EOLFRV 
6LVHWUDWDGHXQVHUYLFLRHVHQFLDOSDUDODFRPXQLGDGHO*RELHUQRMDUiXQRV ,
<
(QODV(
 (
VXHOHH[LVWLUXQ$FXHUGR([WUDMXGLFLDOGH6ROXFLyQGH&RQLF0
  $6(& GRQGHODSDWURQDO\ORVVLQGLFDWRVSDFWDQFUHDUyUJDQRVSDUDVROXFLRQDUORVFRQLF-

WRVODERUDOHV\HYLWDUWDQWRDFXGLUDORV-X]JDGRVGHOR6RFLDOFRPRDXQDKXHOJD
3RUHMHPSORHQHOFDVRGHOD&RPXQLGDG9DOHQFLDQDHOyUJDQRTXHVHKDFUHDGRHVHO 1<'<< 7ULEXQDOGH
$UELWUDMH/DERUDO HQHOFXDOVHHVWDEOHFHTXHDQWHVGHFRQYRFDUXQDKXHOJDHVSUHFLVR ( 
 
1' FRQI GHDQWHODFLyQDODFRQYRFDWRULDSDUD

 (
 

  <

&RPLWpGHKXHOJD

/RV FRQYRFDQWHV FRQVWLWX\HQ XQ FRPLWp GH KXHOJD IRUPDGR SRU XQ 2X    SDUD
UHVROYHUHOFRQLFWR\SDUDJDUDQWL]DUORV   %( %
GHPDQHUDTXHVH
FHUWLTXHODVHJXULGDGGHODVSHUVRQDV\GHODVLQVWDODFLRQHVDVtFRPRODSRVLELOLGDGGHFRQWLQXDUFRQOD
DFWLYLGDGXQDYH]QDOL]DGDODKXHOJD

'HVDUUROORGH
ODKXHOJD

/RVHPSUHVDULRVQRSXHGHQVDQFLRQDUDORVRSHUDULRVSRULUDODKXHOJD\WDPSRFRSXHGHQFRQWUDWDUDRWURV
WUDEDMDGRUHVSDUDVXSOLUDORVKXHOJXLVWDV HVTXLURODMH 
/RVWUDEDMDGRUHVSXHGHQRUJDQL]DUSLTXHWHVLQIRUPDWLYRVSDUDGDULQIRUPDFLyQ\SXEOLFLGDGGHODKXHOJD
SHURQRSLTXHWHVYLROHQWRVFRQRFXSDFLyQGHORFDOHV
6tHVWiSHUPLWLGR( SDUDHMHUFHUHOGHUHFKRGHUHXQLyQ\GHLQIRUPDFLyQVREUHODKXHOJDDVt
FRPRSDUDLQWHQWDUXQDQHJRFLDFLyQ(QGHQLWLYDVLHPSUHTXHODRFXSDFLyQVHDSDFtFD
6HGHEHUHVSHWDUWDQWRHO  (DODKXHOJDFRPRHO
 (DHOOD

&RQVHFXHQFLDV
GHODKXHOJD

/RVWUDEDMDGRUHV
 
VDODULRSRUORVGtDVGHKXHOJD\WDPELpQVHOHVGHVFXHQWDODSDUWHSURSRUFLRQDO
GHORVGHVFDQVRVVHPDQDOHV\IHVWLYRV\GHODVSDJDVH[WUDRUGLQDULDV
1RFDEHODSRVLELOLGDGGHGHVFRQWDUGtDVGHYDFDFLRQHVVDOYRTXHODKXHOJDVHDLOHJDO
/DHPSUHVD
 LDODVHJXULGDGVRFLDOGXUDQWHODKXHOJD

: 2 4
(OFRPLWpGHHPSUHVDGHXQDFRPSDxtDYDOHQFLDQDKDFRQYRFDGRXQDKXHOJDFRQHOVLJXLHQWHSURFHGLPLHQWR
$YLVDDODHPSUHVD\DOD$XWRULGDG/DERUDOFRQGtDVGHDQWHODFLyQ QRHVXQVHUYLFLRS~EOLFR 
$FXGHDO7$/DLQWHQWDUXQDPHGLDFLyQHQHOFRQLFWRKRUDVDQWHVGHFRQYRFDUOD
6HFRQVWLWX\HXQFRPLWpGHKXHOJDIRUPDGRSRUPLHPEURV
(VWiELHQFRQYRFDGDODKXHOJD" "(

(OFRPLWpGHHPSUHVDVtTXHHVWiIDFXOWDGRSDUDFRQYRFDUXQDKXHOJD
+DDYLVDGRFRQDOPHQRVGtDVGHDQWHODFLyQDODHPSUHVD\DOD$XWRULGDG/DERUDOSHURQRKDLQWHQWDGRXQDPHGLDFLyQHQHO7$/FRQDO
PHQRVKRUDVGHDQWHODFLyQVLQRVRORFRQKRUDVORTXHQRHVFRUUHFWR
3RU~OWLPRHOFRPLWpGHKXHOJDKDGHHVWDUIRUPDGRSRUXQPi[LPRGHPLHPEURV\WLHQHFRQORTXHORVREUHSDVD

@




?93#/D %%#/%J9A!B$ D/&/5/9BDA$

#H &  



(VXQDPHGLGDXWLOL]DGDSRUODHPSUHVDTXHFRQVLVWHHQFHUUDUHOFHQWURGHWUDEDMRSDUD  DORVWUDEDMDGRUHV
:( % SDUDHOFLHUUH

D &XDQGRH[LVWDXQD(

    TXHSXHGDSRQHUHQSHOLJURODVHJXULGDGGHODVSHUVRQDVRODVLQVWDODFLRQHV
E &XDQGRHVXQDKXHOJDDEXVLYDTXHLPSLGHFRQWLQXDUFRQHOWUDEDMRDORVTXHVtTXLHUHQWUDEDMDU
/DHPSUHVDGHEH(
 
  DOD$XWRULGDG/DERUDO
&RQVHFXHQFLDVODHPSUHVD
 %  DORVWUDEDMDGRUHV
 (%(

: 2 I
8QHPSUHVDULRREVHUYDTXHORVWUDEDMDGRUHVTXHHVWDEDQHQKXHOJDHVWiQPDQLIHVWiQGRVHFRQSDQFDUWDVHQHOH[WHULRUGHODIiEULFD$QWHHO
WHPRUGHTXHHQWUHQ\ORGHVWURFHQWRGRGHFLGHUHDOL]DUXQFLHUUHSDWURQDOGHGtDVSRUORTXHORVWUDEDMDGRUHVTXHVtTXHHVWiQWUDEDMDQGR
GHEHQVDOLUGHODHPSUHVD\SRVWHULRUPHQWHQRFREUDUiQHOVDODULRFRUUHVSRQGLHQWHDHVRVGtDV(VWiELHQUHDOL]DGRHOFLHUUHSDWURQDO"+D
VHJXLGRODHPSUHVDHOSURFHGLPLHQWRDGHFXDGR"4XpFRQVHFXHQFLDVFRQOOHYD""(

/DHPSUHVDSXHGHUHDOL]DUXQFLHUUHSDWURQDOHQHOFDVRGHTXHH[LVWDRFXSDFLyQYLROHQWDGHORVORFDOHVSHURHQHVWHFDVRVRORKD\PDQLIHVWDFLRQHVHQHOH[WHULRUSRUORTXHQRH[LVWHQFDXVDVVXFLHQWHV(QFDVRGHFLHUUHHOSURFHGLPLHQWRTXHGHEHUtDVHJXLUHOHPSUHVDULRHV
FRPXQLFDUORDOD$XWRULGDG/DERUDOHQKRUDV/DVFRQVHFXHQFLDVVXSRQHQTXHVtGHEHUiSDJDUORVVDODULRVDORVWUDEDMDGRUHVQRKXHOJXLVWDV\DTXHQRVHWUDWDGHXQFLHUUHSDWURQDOOHJDO

& /DVROXFLyQH[WUDMXGLFLDOGHFRQLFWRV
3DUDLQWHQWDU
 %   9(L%    (%ORVVLQGLFDWRV\ORVHPSUHVDULRVKDQSDFWDGR
ODSRVLELOLGDGGHXQD6ROXFLyQ([WUDMXGLFLDOGH&RQLFWRV(VWRVSDFWRVRSHUDQDQLYHOGH&RPXQLGDG
$XWyQRPDFRPRYLPRVHQODSiJLQDDQWHULRUGRQGHHQOD&RPXQLGDG9DOHQFLDQDVHKDEtDDSUREDGRHO
1' 7ULEXQDOGH$UEULWUDMH/DERUDO /DVRSFLRQHVTXHVHRIUHFHQDODVSDUWHVHQHVWRVyUJDQRVVRQ
 

VHDFXGHDXQFRQFLOLDGRUTXHLQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGRSHURQR
DSRUWDVROXFLRQHV
 
HOPHGLDGRULQWHQWDTXHDPEDVSDUWHVOOHJXHQDXQDFXHUGR\SDUDHOORRIUHFHSRVLEOHV
VROXFLRQHV
(O9DPEDVSDUWHVDFHSWDQDFXGLUDXQiUELWURHOFXDOWRPDUiXQDGHFLVLyQTXHVHUiREOLJDWRULD
SDUDODVGRVSDUWHV

4< &   (




/RVWUDEDMDGRUHVWLHQHQGHUHFKRD (
 
   3DUDHOORODHPSUHVDHVWiREOLJDGDDIDFLOLWDUHOOXJDUGHUHXQLyQVLODVFRQGLFLRQHVORSHUPLWHQ/RVTXHDFXGHQ DUHXQLRQHV GHEHQ
HVWDU+(  GHWUDEDMR
#
  
 
 
ODSXHGHQUHDOL]DUORVGHOHJDGRVGHSHUVRQDORHOFRPLWpGHHPSUHVDRELHQORV
WUDEDMDGRUHVGLUHFWDPHQWHVLHVWRVVXSRQHQXQGHODSODQWLOOD
 
ORVUHSUHVHQWDQWHVKD\XQRUGHQGHOGtD\QRVHSXHGHQWUDWDURWURVWHPDV
6HGHEH(
DODHPSUHVDFRQKRUDVGHDQWHODFLyQ
 (TXHDIHFWDQDWRGDODSODQWLOODUHTXLHUHQGHXQDFXHUGRGHODPLWDGPiVXQR

#;":' &$ ' K&#

%XVFDHOyUJDQRGHVROXFLyQ
H[WUDMXGLFLDO GH FRQLFWRV
ODERUDOHV GH WX &RPXQLGDG
$XWyQRPDHQODZHE\DQDOL]D TXp RSFLRQHV GH VROXFLyQGHOFRQLFWRDWUDYpVGH
ODFRQFLOLDFLyQPHGLDFLyQ\
DUELWUDMHRIUHFHQ
3XHGHV LQYHVWLJDU WDPELpQ
HQODSiJLQDZHEGHO7$/
GH OD &RPXQLGDG 9DOHQFLDQD (Q ODV DFWLYLGDGHV
QDOHV VH HQFXHQWUD HO HQODFH HQWUD HQ VX SiJLQD \
FRQWHVWD D ODV SUHJXQWDV
TXHVHSODQWHDQVREUHHVWH
RUJDQLVPR

(O (  HVWHGHUHFKRVL


1RKDQWUDQVFXUULGR2   GHVGHODDQWHULRUUHXQLyQVDOYRTXHVHDSDUDLQIRUPDUVREUH
ODQHJRFLDFLyQGHXQFRQYHQLRFROHFWLYR
&XDQGRQRVHKDQ  FDXVDGRVHQDQWHULRUHVUHXQLRQHV
6LH[LVWHXQ 
\ODHPSUHVDHVWiFHUUDGD

3

?93#/D %%#/%J9A!B$ D/&/5/9BDA$0/ %4%9/9A$


: 2  
'H   
  

 5HVXHOYHODVVLJXLHQWHVFXHVWLRQHV
D 4XpGLIHUHQFLDKD\HQWUHOLEHUWDGVLQGLFDOSRVLWLYD\QHJDWLYD"
E <HQWUHUHSUHVHQWDFLyQXQLWDULD\VLQGLFDO"4XLpQODQRPEUD"
F &XiOHVVRQORVGRVVLQGLFDWRVPiVUHSUHVHQWDWLYRVDQLYHOHVWDWDO
HQ(VSDxD"<ODVGRVDVRFLDFLRQHVHPSUHVDULDOHV"




 ,QGLFDHOQ~PHURGHGHOHJDGRVGHSHUVRQDORPLHPEURVGHOFRPLWp
TXHOHFRUUHVSRQGHQDORVVLJXLHQWHVFHQWURVGHWUDEDMR
D 7RVKLEDFRQWUDEDMDGRUHV
E $OPDQDTXHFRQWUDEDMDGRUHV
F 6HUH]DGHFRQWUDEDMDGRUHV
G 'HFRQVWUXFFLyQFRQWUDEDMDGRUHV
H $VHUHMpFRQWUDEDMDGRUHV

G 4XLpQHVQRSXHGHQSHUWHQHFHUDXQVLQGLFDWR"

 8QPLHPEURGHOFRPLWpHVGHVSHGLGRSRUTXHQRFXPSOHQLQJXQD
LQVWUXFFLyQGHOHQFDUJDGR/DHPSUHVDOHHQWUHJDODFDUWD\OHGLFHTXH
VHYD\DKR\PLVPR

H 3XHGHQORVDXWyQRPRVSHUWHQHFHUDXQVLQGLFDWR"

D +DVHJXLGRODHPSUHVDHOSURFHGLPLHQWRFRUUHFWR"3RUTXp"

 ,QGLFDFXiOHVGHORVVLJXLHQWHVVLQGLFDWRVSXHGHQWHQHUGHOHJDGRV
VLQGLFDOHV\FXiQWRV

E 6LODHPSUHVDKXELHVHUHDOL]DGRHOSURFHGLPLHQWRFRUUHFWR\HOWUDEDMDGRUKXELHVHUHFODPDGRHOGHVSLGRGiQGROHODUD]yQHO-X]JDGR\
GHFODUiQGRVHHOGHVSLGRLPSURFHGHQWHTXpRFXUULUtD"

D 6LQGLFDWR$KDREWHQLGRHOGHYRWRV\WLHQHUHSUHVHQWDQWHVHQ
HOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
E 6LQGLFDWR%KDREWHQLGRHOGHORVYRWRV\WLHQHUHSUHVHQWDQWHVHQHOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
F 6LQGLFDWR&KDREWHQLGRHOGHORVYRWRV\WLHQHUHSUHVHQWDQWHVHQHOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
G 6LQGLFDWR'KDREWHQLGRHOGHORVYRWRV\QRWLHQHQLQJ~QUHSUHVHQWDQWHHQHOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
 -RVpHVWiDOLDGRDXQVLQGLFDWR\GHVGHKDFHXQRVPHVHVQROH
OOHJDHOFRUUHRGHOVLQGLFDWRDODHPSUHVDFRQORTXHQRSXHGHFRORFDUORHQHOWDEOyQ/RFRPXQLFDDODGLUHFFLyQ\pVWDOHFRQWHVWDTXHQR
WLHQHSRUTXpUHFLELUFRUUHRVGHOVLQGLFDWRSDUDFROJDUORVHQODHPSUHVD
6HKDYXOQHUDGRDOJ~QGHUHFKRGHOWUDEDMDGRU"

#H  

(

 8QDHPSUHVDWLHQHWUDEDMDGRUHV6HFHOHEUDQHOHFFLRQHVSDUD
HOHJLUGHOHJDGRVGHSHUVRQDO/DHPSUHVDFRPXQLFDODVVLJXLHQWHVQRUPDV
3XHGHQYRWDU\VHUHOHJLGRVWRGRVORVWUDEDMDGRUHVTXHWHQJDQXQD

DQWLJHGDGHQODHPSUHVDGHDOPHQRVGRVPHVHV
/DHGDGSDUDSUHVHQWDUVHDFDQGLGDWRHVGHDxRV

&DGDHOHFWRUSRGUiGDUVXYRWRDFDQGLGDWRVFRPRPi[LPR

/DVFDQGLGDWXUDVLQGHSHQGLHQWHVQHFHVLWDQSUHVHQWDUXQDYDOGHU
PDVGHOGHODSODQWLOODRVHDUPDV
([SOLFDVLODVQRUPDVHVWDEOHFLGDVVRQODVFRUUHFWDV
 (QXQDHPSUHVDGHWUDEDMDGRUHVVHYDQDFHOHEUDUHOHFFLRQHV
D UHSUHVHQWDQWHV (Q OD SODQWLOOD KD\  RSHUDULRV HQ HO WDOOHU \ 
WUDEDMDGRUHVHQODVRFLQDV

 &XiQWDVKRUDVOHFRUUHVSRQGHQGHFUpGLWRKRUDULRDORVVLJXLHQWHV
UHSUHVHQWDQWHV"
D /RVGHOHJDGRVGHXQFHQWURFRQWUDEDMDGRUHV
E /RVPLHPEURVGHOFRPLWpGHXQFHQWURFRQWUDEDMDGRUHV
F /RVPLHPEURVGHOFRPLWpGHXQFHQWURFRQWUDEDMDGRUHV

& &RQLFWRVFROHFWLYRV
 ,QGLFDVLVRQOHJDOHVRLOHJDOHVODVVLJXLHQWHVKXHOJDV
D 8QDKXHOJDSDUDUHFODPDUTXHHO*RELHUQRGLPLWD
E 8QDKXHOJDGHVROLGDULGDGGHORVWUDEDMDGRUHVGHODHQVHxDQ]DFRQ
ORVWUDEDMDGRUHVPLQHURVGH$VWXULDV
F 8QDKXHOJDTXHTXLHUHXQDVXELGDVDODULDOGHODSHVDUGHHQHO
DFWXDOFRQYHQLRVHSDFWyXQDVXELGDGHO
G 8QDKXHOJDHQODTXHORVWUDEDMDGRUHVVHYDQWXUQDQGRFDGDGtDGH
ODVHPDQDHQXQDVHFFLyQGLIHUHQWH
  /RV WUDEDMDGRUHV GHO FDVR G  DQWHULRU HVWiQ GH KXHOJD GXUDQWH
XQDVHPDQDFRQORTXHHOUHVWRGHRSHUDULRVQRSXHGHQWUDEDMDUSXHV
VLHPSUHIDOWDDOJXQDVHFFLyQ/DHPSUHVDGHFLGHSDUDQRSDJDUVDODULRVUHDOL]DUHOFLHUUHSDWURQDO\ORFRPXQLFDDOD$XWRULGDG/DERUDOHQ
KRUDV
D 7LHQHPRWLYRVOHJDOHVSDUDHOFLHUUHSDWURQDO"
E 4XpFRQVHFXHQFLDVFRQOOHYD"
F 6HKDFRPXQLFDGRFRQWLHPSRVXFLHQWHHOFLHUUH"

H   (


D +D\GHOHJDGRVGHSHUVRQDORPLHPEURVGHOFRPLWp"&XiQWRV"

 /RVWUDEDMDGRUHVGHXQDHPSUHVDTXLHUHQFHOHEUDUXQDUHXQLyQ
SDUDSODQWHDUVHTXpPHGLGDVWRPDUFRQWUDODGHFLVLyQGHODHPSUHVD
GHDEULUXQ(5(

E &XiQWRVFROHJLRVHOHFWRUDOHVKD\"

D 3XHGHQUHXQLUVHORVWUDEDMDGRUHVGHQWURGHODHPSUHVD"

F &XiQWDVPHVDVHOHFWRUDOHVKDEUiSDUDYRWDU"

E (VWiODHPSUHVDREOLJDGDDIDFLOLWDUODUHXQLyQ"

G 6HXWLOL]DODOLVWDDELHUWDRODOLVWDFHUUDGD"

F 4XLpQSXHGHFRQYRFDUXQDDVDPEOHDGHWUDEDMDGRUHV"






?93#/D %%#/%J9A!B$ D/&/5/9BDA$0/ %4%9/9A$

. 

'H   
  


 /RV UHSUHVHQWDQWHV GH ORV WUDEDMDGRUHV JR]DQ GH


%(
   %(
 %
,

 /DOLEHUWDGVLQGLFDO

D 6LHOGHVSLGRHVLPSURFHGHQWHHOUHSUHVHQWDQWHVLHPSUHYXHOYHD
WUDEDMDU\VHUHDGPLWHDGHPiVGHFREUDUORVVDODULRVGHWUDPLWDFLyQ

D (VXQGHUHFKRTXHH[LVWHGHVGHTXHH[LVWHODGHPRFUDFLD

E 1XQFDSXHGHQVHUGHVSHGLGRVVLHPSUHHVWiQMRVHQODHPSUHVD

E 3XHGHVHUSRVLWLYDFRPRHOGHUHFKRDDOLDUVHDXQVLQGLFDWR

F  6LKD\XQGHVSLGRFROHFWLYRSRUFDXVDVHFRQyPLFDVORV~OWLPRVTXH
VHYDQVRQHOORV

F  3XHGHVHUQHJDWLYDFRPRHOGHUHFKRDQRSUHVHQWDUVHDODVHOHFFLRQHVVLQGLFDOHV
 ,QGLFDTXpDUPDFLyQHVFLHUWD
D /DUHSUHVHQWDFLyQXQLWDULDVRQORVWUDEDMDGRUHVHOHJLGRVSRUORVSURSLRVFRPSDxHURVSDUDTXHOHVUHSUHVHQWHQHQODHPSUHVD
E /D UHSUHVHQWDFLyQ VLQGLFDO VRQ ORV GHOHJDGRV VLQGLFDOHV HOHJLGRV
SRUORVSURSLRVFRPSDxHURVHQODVHOHFFLRQHVHQODHPSUHVD
F  /DUHSUHVHQWDFLyQXQLWDULDODIRUPDHOFRPLWpGHHPSUHVD\ORVGHOHJDGRVVLQGLFDOHV
G 1LQJXQDHVFLHUWD

G 6HFRQYLHUWHQHQOLEHUDGRVVLQGLFDOHVDXWRPiWLFDPHQWH\QRYDQD
WUDEDMDUDODHPSUHVDHMHUFLHQGR~QLFDPHQWHIXQFLRQHVVLQGLFDOHV

:H & 

 
 8QDPRGLFDFLyQTXHKDKDELGRHQORVFRQYHQLRV
FROHFWLYRVFRQODUHIRUPDODERUDOHVTXH
D /RVFRQYHQLRVGHHPSUHVDWHQGUiQSUHIHUHQFLDVREUHORVFRQYHQLRV
VXSHULRUHV FRPRORVGHVHFWRU HQDOJXQDVPDWHULDV
E 8QDHPSUHVDSXHGHPRGLFDUODVFRQGLFLRQHVGHOFRQYHQLRYROXQWDULDPHQWHVLQPRWLYRDOJXQR

 1RSXHGHQDOLDUVHDXQVLQGLFDWR

F  &XDQGR QDOL]D XQ FRQYHQLR DKRUD VH SURUURJD DXWRPiWLFDPHQWH


DxRDDxRHQHVSHUDGHTXHH[LVWDRWURQXHYRFRQYHQLR

D /RVWUDEDMDGRUHVSRUFXHQWDDMHQD

G 1LQJXQDHVFLHUWD

E /RVWUDEDMDGRUHVSRUFXHQWDSURSLD
F  /RVMXHFHVPDJLVWUDGRV\VFDOHV

 /RV FRQYHQLRV GH HPSUHVD SXHGHQ PRGLFDU HO




   
 %(
 

G /DSROLFtD

D /DFXDQWtDGHOVDODULREDVH\FRPSOHPHQWRVVDODULDOHV

 3DUDTXHXQDHPSUHVDWHQJDGHOHJDGRVVLQGLFDOHV

E /DVPHGLGDVSDUDIDYRUHFHUODFRQFLOLDFLyQODERUDO\IDPLOLDUFRPR
PDWHUQLGDGSDWHUQLGDGODFWDQFLDH[FHGHQFLDVHWF

D /RVWUDEDMDGRUHVGHODHPSUHVDGHEHQYRWDUORVHQODVHOHFFLRQHV
E /DHPSUHVDGHEHWHQHUDOPHQRVWUDEDMDGRUHV
F  6XVLQGLFDWRGHEHWHQHUDOPHQRVGRVUHSUHVHQWDQWHVHQHOFRPLWp
GHHPSUHVD

#H  

(

 (QODVHOHFFLRQHVDUHSUHVHQWDQWHVHQODHPSUHVD
D /DPHVDHOHFWRUDOODIRUPDQHOSUHVLGHQWHTXHHVHOPiVDQWLJXR\
GRVYRFDOHVHOGHPD\RU\PHQRUHGDGGHOFHQWUR
E 6HSXHGHQSUHVHQWDUWRGRVORVWUDEDEDMDGRUHV
F  6HIRUPDUiXQ~QLFRFROHJLRHOHFWRUDOFRQLQGHSHQGHQFLDGHOWDPDxRGHODSODQWLOOD

F  /DSODQLFDFLyQDQXDOGHODVYDFDFLRQHV
G 7RGDVVRQPDWHULDVPRGLFDEOHVSRUHOFRQYHQLRGHHPSUHVD

' /RVFRQLFWRVFROHFWLYRV
 /DGLIHUHQFLDHQWUHFRQLFWRMXUtGLFR\GHLQWHUH0
VHVHVTXH
D (QHOFRQLFWRMXUtGLFRVHLQWHUSUHWDXQDQRUPDSRUORV-X]JDGRVGH
ORVRFLDO\HOFRQLFWRGHLQWHUHVHVVHTXLHUHUHYLVDUXQDQRUPDTXH
\DH[LVWH
E (OFRQLFWRMXUtGLFRVRQODVKXHOJDV\HOGHLQWHUHVHVVRQODVPDQLIHVWDFLRQHV\HQFLHUURVGHORVWUDEDMDGRUHV
F  1LQJXQDHVFLHUWD

 (QXQFHQWURGHWUDEDMRFRQWUDEDMDGRUHV

 1RHVXQDKXHOJDDEXVLYD

D 6HHOHJLUiQGHOHJDGRVGHSHUVRQDO

D 8QDKXHOJDURWDWRULDGRQGHVHWXUQDQSRUVHFWRUHV

E 6HHOHJLUiQPLHPEURVGHOFRPLWpGHHPSUHVD

E 8QDKXHOJDHVWUDWpJLFDGRQGHFHVDQHQSXHVWRVFODYH

F  6HHOHJLUiQPLHPEURVGHOFRPLWpLQWHUFHQWURV

F  8QDKXHOJDDODMDSRQHVDGRQGHVHWUDEDMDODPLWDGGHODMRUQDGD



?93#/D %%#/%J9A!B$ D/&/5/9BDA$0/ %4%9/9A$




 (OFLHUUHSDWURQDO

. 


D &RQVLVWHHQTXHODHPSUHVDFLHUUDHOFHQWURGHWUDEDMRSRUFDXVDV
HFRQyPLFDVSDUDQRVHJXLUSHUGLHQGRGLQHUR

 3XHGHQFRQYRFDUXQDKXHOJD
D &XDOTXLHUWUDEDMDGRUFRQTXHHVWpDOLDGRDXQVLQGLFDWR
E /RVVLQGLFDWRVTXHHVWpQLPSODQWDGRVHQHVHiPELWRRHOFRPLWpGH
HPSUHVD
F  'LUHFWDPHQWHORVWUDEDMDGRUHVSRUPD\RUtDHQYRWDFLyQVHFUHWD

E &RQVLVWH HQ FHUUDU HO FHQWUR GH WUDEDMR SDUD LPSHGLU HO DFFHVR D
ORVWUDEDMDGRUHVFXDQGRH[LVWDXQDRFXSDFLyQGHORFDOHVGHIRUPD
YLROHQWD R VH FRQYRTXH XQD KXHOJD DEXVLYD TXH LPSLGD FRQWLQXDU
FRQHOWUDEDMR

G /DE \ODF VRQFLHUWDV

F  &RQVLVWHHQFHUUDUHOFHQWURGHWUDEDMRSDUDQRSDJDUVDODULRVDORV
KXHOJXLVWDV

 3DUDFRQYRFDUFRUUHFWDPHQWHODKXHOJD

G /DE \ODF VRQFLHUWDV

D +DFHIDOWDFRPXQLFiUVHORDODHPSUHVDFRQXQDVHPDQDGHDQWHODFLyQ
E 6LHVXQVHUYLFLRS~EOLFRKD\TXHFRPXQLFDUORDOD$XWRULGDG/DERUDO
FRQGtDV
F  (OFRPLWpSXHGHFRPXQLFiUVHORDODHPSUHVDHQKRUDV
G /RV$FXHUGRV([WUDMXGLFLDOHVGH6ROXFLyQGH&RQLFWRVQRSXHGHQ
H[LJLUQLQJ~QUHTXLVLWRDxDGLGR
 /RVWUDEDMDGRUHVTXHYD\DQDXQDKXHOJD

D (OPHGLDGRULQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGR\DOiUELWUR
RIUHFHSRVLEOHVVROXFLRQHV
E (OPHGLDGRULQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGRDSRUWDQGR
VROXFLRQHV\HOiUELWURQRODVDSRUWD
F  (OPHGLDGRULQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGRDSRUWDQGR
VROXFLRQHV \ HO iUELWUR WRPD XQD GHFLVLyQ TXH HV REOLJDWRULD SDUD
DPEDVSDUWHV

&H &   (




D 1RFREUDUiQVDODULRSRUORVGtDVQRWUDEDMDGRV
E 1RFREUDUiQODSDUWHSURSRUFLRQDOGHGHVFDQVRVVHPDQDOHV\IHVWLYRV\GHSDJDVH[WUDVSRUORVGtDVQRWUDEDMDGRV
F  /DVGRVVRQFLHUWDV

 /DGLIHUHQFLDHQWUHPHGLDFLyQ\DUELWUDMHHV

 (VFLHUWRTXHHQHOGHUHFKRGHUHXQLyQ
D 6HGHEHFRPXQLFDUDODHPSUHVDFRQKRUDVGHDQWHODFLyQ
E /RVTXHDFXGDQGHEHQHVWDUHQKRUDULRGHWUDEDMRHQVXWXUQR

:T 
 8
& 1(
  '9  Y1'H   :(
 ?


(QWUDHQODSiJLQDGHOD)XQGDFLyQGHO7ULEXQDOGH$UELWUDMH/DERUDOHQHOVLJXLHQWHHQODFH

KWWSIXQGDFLRQWDORUJ

(QWUDHQHODSDUWDGRGHSUHJXQWDVIUHFXHQWHVSDUDUHVROYHUHVWDVFXHVWLRQHV
D 4XLpQHVIRUPDQSDUWHGHOSDWURQDWRGHHVWDIXQGDFLyQ\SRUORWDQWRJHVWLRQDQHO7$/"4XpHVHOVLVWHPDGHVROXFLyQH[WUDMXGLFLDOGH
FRQLFWRVODERUDOHVGHOD&RPXQLGDG9DOHQFLDQD"
E 4XpHVODPHGLDFLyQ\TXLpQFRPSRQHHOHTXLSRGH0HGLDGRUHV"4XpHVHODUELWUDMH\TXLHQHVFRPSRQHQHO&XHUSRGHUELWURV"
F (QTXpWLSRGHFRQLFWRVODERUDOHVHVFRPSHWHQWHODIXQGDFLyQ7$/"
G &XiQGRODPHGLDFLyQ\HODUELWUDMHVRQREOLJDWRULRV"
(QWUDHQHODSDUWDGRGHHVWDGtVWLFDVGHO\EXVFDODVLJXLHQWHLQIRUPDFLyQHQODSiJLQD
D &XiQWRVSURFHGLPLHQWRVQDOL]DURQHQDUELWUDMHV\HQPHGLDFLRQHV"4XpSRUFHQWDMHVXSRQHQGHFDGDXQR"6XHOHQSRUWDQWRODVSDUWHV
GHFLGLUDFXGLUDXQiUELWURRSUHHUHQXQDPHGLDFLyQ"
E 'HODVPHGLDFLRQHVHIHFWLYDVFXiQWDVOOHJDURQDXQDFXHUGR\FXiQWDVQR"4XpSRUFHQWDMHVXSRQHQ"






?93#/D %%#/%J9A!B$ D/&/5/9BDA$0/ %4%9/9A$


(172512/$%25$/

 +    



 
N + 
     
(   

O
 
'       "
  
 


 

 

   

 C
 
6  "


  
JRFLDFLyQFROHFWLYD'HVGHTXHVHDSUREyODUHIRUPDVHKDQUPDGRSDFWRVDQWHVDSHQDVKDEtD&RQVHUVLJQLFDWLYRHVWHGDWRWRGDYtDKD\XQGDWR
PiVVLJQLFDWLYRGHOWRWDOGHDFXHUGRVGHHPSUHVDVHKDQUXEULFDGRSDUDGHVYLQFXODUVHGHFRQYHQLRVWHUULWRULDOHVRVHFWRULDOHVVHJ~QXQLQIRUPHGH
JB
   

 G



3  
   
 

    % 
  
'  
 
  #




  

 

ODERUDOHVDODEDMD8QRGHORVWLSRVGHSDFWRVGHHVWHWLSRVRQORVOODPDGRVGHGHVFXHOJXHGHORVUXEULFDGRV(QHOORVORTXHVHKDFHHVDFRUGDUVDODULRV

%
 #

 

  "

( 


 



 
 %
"
 
'  

6.
 
. 
"  
  #
( 


SURYRFyHQWUHVLQGLFDWRV\HQYDULDVRUJDQL]DFLRQHVSDWURQDOHVFRPROD&1& FRQVWUXFFLyQ R&RQIHPHWDO ODGHOPHWDO 'XUDQWHODSUHVHQWDFLyQGHOLQIRUPH
HOVHFUHWDULRJHQHUDOGH8*7&iQGLGR0pQGH]GHQXQFLyTXHODUHIRUPDODERUDOKDSDUDOL]DGRODQHJRFLDFLyQFROHFWLYDHVWHDxR3DUDKDFHUHVWDDUPDFLyQ
HOOtGHUVHDSR\yHQORVGDWRVGHORVFRQYHQLRVUPDGRVKDVWDHOPHVGHDJRVWRHQWRWDOIUHQWHDORVHQHOPLVPRSHULRGRGHODxRSDVDGR
)8(17((O3DtV([WUDFWRGHODQRWLFLDGH09*

D &XiQWRVFRQYHQLRVGHHPSUHVD\DFXHUGRVGHHPSUHVDVHKDQUPDGRHVWHDxR\HODQWHULRU"&XiQWRVVHKDQUPDGRSDUDGHVYLQFXODUVH
GHOFRQYHQLRGHVHFWRURWHUULWRULDOVXSHULRU"
E 4XpVRQORVSDFWRVGHGHVFXHOJXH"&XiQWRVKDQKDELGR"
F 4XpREMHWLYRWHQtDODUHIRUPDODERUDOUHVSHFWRDODQHJRFLDFLyQFROHFWLYD"4XpKDSDVDGRKDVWDDJRVWRGHOHQFXiQWRDOQ~PHURGH
FRQYHQLRVUPDGRVUHVSHFWRDODxRDQWHULRU"
G 4XpRSLQDVVREUHODGHVFHQWUDOL]DFLyQGHORVFRQYHQLRVVXSHULRUHVHQORVGHiPELWRGHHPSUHVD"

N&   L(9 %


L  L  4O
(OSULQFLSLRGHDFXHUGRDOFDQ]DGRODQRFKHGHOYLHUQHVHQWUHSDWURQDO\VLQGLFDWRVGHOVHFWRUFHUiPLFRJDUDQWL]DODSD]VRFLDOKDVWDHOQGHIHFKDPi[LPDHQODTXHSRGUiHVWDUHQYLJRUHOQXHYRFRQYHQLRFROHFWLYR/DQHJRFLDFLyQTXHVHKDSURORQJDGRGXUDQWHPiVGHKRUDVKDVLGRSDUDORVVLQGLFDWRV
 /(    I #


   
 
 "
 
'   
     
 "
 #

  

EORTXHROOHYyDORVVLQGLFDWRVDFRQYRFDUXQDKXHOJDGHGtDVHQGLFLHPEUHTXHVHLEDDUHWRPDUODSUy[LPDVHPDQD
/DUHIRUPDVXSRQHODHOLPLQDFLyQGHODXOWUDDFWLYLGDGFRQORTXHODIHFKDGHFDGXFLGDGGHOFRQYHQLRHVXQSUHVLyQLQFUHtEOHSDUDODQHJRFLDFLyQH[SOLFyD\HU
HOVHFUHWDULRJHQHUDOGH0&$8*7HQ&DVWHOOyQ9LFHQWH&KLYD(VWiSUHYLVWRTXHHOSDFWRVHKDJRRFLDOHOGHHQHUR'HQRVHUDVtHODFWXDOFRQYHQLR
QDOL]DUiHQMXOLR\HOVHFWRU\VXVDVDODULDGRVSDVDUtDQDHVWDUUHJXODGRVSRUHO(VWDWXWRGHORV7UDEDMDGRUHVRFRQYHQLRVGHHPSUHVD
(VWDFDGXFLGDGSRQtDDORVVLQGLFDWRVHQXQDSRVLFLyQPiVGpELOIUHQWHDODSDWURQDO3HVHDHOORORVUHSUHVHQWDQWHVGH&&22\8*7KDQDPSOLDGRODGXUDFLyQGHOFRQYHQLRKDVWD LQLFLDOPHQWHVHSURSXVRKDVWD \DODUJDGRXQDxRPiVODFDGXFLGDG7HQGUHPRVGRVDxRVSDUDQHJRFLDUHOVLJXLHQWHDVt
TXHSRGUHPRVJDUDQWL]DUTXHKDEUiSD]VRFLDOKDVWDHOQGHH[SOLFy&KLYD
; 

 
'  
%   
 (
     
.  #
  
6 
    
KDVWDODUHXQLyQGHHVWHYLHUQHV+DVWDHQWRQFHVUHFODPDEDQTXHFRPRPtQLPRORVVDODULRVVHLJXDODUDQDO,3&$~QFRQHOSDJRGHORVUHWUDVRVGHVGH
HVWiFODURTXHORVWUDEDMDGRUHVYDQDSHUGHUSRGHUDGTXLVLWLYRSRUTXH\DQRVHYDQDUHYLVDUODVWDEODVHQIXQFLyQDODVXELGDGHO,3&UHFXHUGD&KLYD
(OSDFWRVRORLQFOX\HXQLQFUHPHQWRGHOSDUD
(QWUHRWUDVYLFWRULDVVLQGLFDOHV&KLYDDSXQWDDODHOLPLQDFLyQGHODFOiXVXODGHDEVRUFLyQ\ODPLQLPL]DFLyQGHOLPSDFWRGHODH[LELOLGDGKRUDULD(QWUHODV
GHUURWDVODFRQJHODFLyQVDODULDO\ODQRUHYLVLyQFRQIRUPHDO,3&
)8(17((O3DtV([WUDFWRGHODQRWLFLDGH/RUHQD2UWHJD

D 3RUTXpFUHHQORVVLQGLFDWRVTXHKDVLGRXQDGHODVQHJRFLDFLRQHVPiVGXUDV\FRPSOLFDGDVTXHUHFXHUGDQ"
E 4XpVLJQLFDTXHODUHIRUPDODERUDOKDHOLPLQDGRODXOWUDDFWLYLGDGGHOFRQYHQLR"&XiQGRQDOL]DUtDHODFWXDOFRQYHQLRGHOD]XOHMR\TXp
VXSRQGUtDVLQRKD\RWURFRQYHQLR"3RUTXpFUHHVTXHGLFHTXHORVVLQGLFDWRVDKRUDWLHQHQXQDSRVLFLyQPiVGpELO"
F 4XpKDQORJUDGRORVVLQGLFDWRVHQODQHJRFLDFLyQ\HQTXpKDQFHGLGR"4XpFUHHVTXHHVODSD]VRFLDO"
G 4XpRSLQDVVREUHHVWDVLWXDFLyQGHTXHORVFRQYHQLRVWHQJDQXQDIHFKDGHFDGXFLGDGDODxRGHTXHQDOL]DVXYLJHQFLD\KD\DTXHQHJRFLDU
RWUR"&UHHVTXHKD\RWUDVVROXFLRQHV"



?93#/D %%#/%J9A!B$ D/&/5/9BDA$0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

'
  (  +  


 (% %
  30)L0
0XFKRVFRQLFWRVQRVHUHVXHOYHQSRUODGLFXOWDGGHHVFXFKDUDODRWUDSDUWH(QHVWDDFWLYLGDGVHWUDWDGHGHMDUDXQODGRODVLGHDVSUHYLDVTXH
WHQJDVVREUHODKXHOJDJHQHUDOHLQWHQWDUGHIHQGHUODSRVWXUDTXHWHKD\DWRFDGRHVFXFKDQGRDOPLVPRWLHPSRORVDUJXPHQWRVGHODRWUDSDUWH
2UJDQL]DGHQFODVHGRVJUXSRVGHDOXPQRVSDUDTXHFDGDJUXSRGHHQGDXQDSRVWXUDDIDYRURHQFRQWUDGHODKXHOJDVHJ~QORVDUJXPHQWRV
TXHVHLQGLFDQDEDMR5HDOL]DGXQGHEDWHVREUHHOWHPDGHODKXHOJD3DUDHOORVHGDUiXQDSULPHUDURQGDSDUDTXHFDGDDOXPQRRIUH]FDXQ
DUJXPHQWR\ORVGHPiVVRORHVFXFKHQ(QXQDVHJXQGDIDVHVHDEULUiXQGHEDWHOLEUHGRQGHHOSURIHVRUVHUiHOPRGHUDGRU&DGDJUXSRHOHJLUiXQ
iUELWURGHHQWUHORVDOXPQRVTXHVHHQFDUJDUiGHYLJLODUHOFRPSRUWDPLHQWRDGHFXDGRGXUDQWHHOGHEDWHQROHYDQWDUODYR]HVFXFKDUDWHQWDPHQWHDORWURJUXSRQRVDOLUVHGHOWHPDHWFSDUDORFXDOSRGUiVDFDUWDUMHWDVDPDULOODV\URMDV&RQXQDWDUMHWDURMDHODOXPQRVHUiVXVWLWXLGRSRURWUR
GHFODVH(OSURIHVRUGDUiSRUWHUPLQDGRHOGHEDWH\SUHVHQWDUiODVFRQFOXVLRQHVHQODSL]DUUDWDQWRGHOFRQWHQLGRFRPRGHODVIRUPDVGHGLDORJDU

NL L
     (% %
<<<  L    9  (
, 2<O
66LQGLFDWRVSDUWLGRVLQGLJQDGRVWRGRVWLHQHQPRWLYRVSDUDLUHO0

12*RELHUQRSDWURQDOHV\ORVPHUFDGRVDIDYRUGHLUDOWUDEDMR

 'HVSLGRPiVEDUDWR\IiFLO/DUHIRUPDDEDUDWDHOGHVSLGRREMHWLYRDGtDVSRU
DxR\DPSOtDORVVXSXHVWRVGHDSOLFDFLyQ EDVWDXQDVLPSOHSUHYLVLyQGHFDtGDGH
LQJUHVRV $GHPiVDKRUDHVHOWUDEDMDGRUHOTXHKDGHGHPRVWUDUTXHXQGHVSLGR
HVLPSURFHGHQWH\QRDOUHYpV

 /RTXHTXLHUH(VSDxDHVWUDEDMR/DKXHOJDQRYDDFDPELDUQDGDQLYDDVHUYLU
SDUDFUHDUPiVSXHVWRVGHWUDEDMRTXHHVORTXHQHFHVLWDODSREODFLyQ

 (5(DIXQFLRQDULRV/DQXHYDOHJLVODFLyQSHUMXGLFDVHULDPHQWHDPLOORQHVGHHPSOHDGRVS~EOLFRVSHUPLWHORVH[SHGLHQWHVGHUHJXODFLyQGHHPSOHRHQHQWLGDGHV
S~EOLFDVFRQDMXVWHVSUHVXSXHVWDULRV
 /DSUHFDULHGDGVHKDFHFUyQLFD/DQXHYDUHIRUPDFUHDXQQXHYRFRQWUDWRGH
DSR\RDOHPSOHRTXHSRVLELOLWDVHUGHVSHGLGRVLQLQGHPQL]DFLyQHOSULPHUDxR
DGHPiVDKRUDORVMyYHQHVSXHGHQHQFDGHQDUFRQWUDWRVWHPSRUDOHVKDVWDORV
DxRV\ODHPSUHVDSXHGHPRGLFDUXQLODWHUDOPHQWHODVFRQGLFLRQHVVXHOGRKRUDULRMRUQDGDGHVXVHPSOHDGRVLQGHQLGRV
 /RVSDUDGRVDWUDEDMDUJUDWLV$IHFWDWDPELpQDORVPiVGHPLOORQHVGHSDUDGRV GHVGH IHEUHUR SXHGHQ REOLJDUORV D GHVHPSHxDU ODERUHV D IDYRU GH OD FRPXQLGDGVLSHUFLEHQDOJXQDSUHVWDFLyQ\QRHVWiQDSXQWDGRVDQLQJ~QFXUVRGH
IRUPDFLyQ
 1LUDVWURGHODVPHGLGDVHQHOSURJUDPDHOHFWRUDO/DUHIRUPDODERUDOHUDDSHQDV
XQDYDJDSURSXHVWDHQHOSURJUDPDHOHFWRUDO'XUDQWHODFDPSDxDQRVHGHMyHQWUHYHUTXHVHIXHUDDDSUREDUDOJRDVt$GHPiVSHVHDTXHGXUDQWHPHVHVVHXUJLy
DSDWURQDO\VLQGLFDWRVDOOHJDUDXQDFXHUGRHO*RELHUQRSUHVHQWyVXUHIRUPDVLQ
FRQVHQVRSRUSDUWHGHORVWUDEDMDGRUHV
 ([SHUWRVDOHUWDQQRFUHDUiHPSOHR<DORUHFRQRFLHURQPLHPEURVGHO*RELHUQR\
ORKDQVXVFULWRHFRQRPLVWDV\H[SHUWRVODUHIRUPDQRD\XGDUiDFUHDUHPSOHR1R
DERUGDODGXDOLGDGVRVWLHQHQHQODIXQGDFLyQ)HGHDODFRQVXOWRUD3Z&FUHHTXH
SRUVtVRODQRVHUYLUi6RQQHFHVDULDVRWUDVUHIRUPDVTXHLPSXOVHQHOFRQVXPR\
ODDFWLYLGDG
 /DVLWXDFLyQHVH[FHSFLRQDO&RQFLQFRPLOORQHVGHSDUDGRVUHFRUWHVHQWRGR
WLSRGHVHUYLFLRV\VXELGDVHQWDVDVHLPSXHVWRV(VSDxDVXIUHXQDVLWXDFLyQLQpGLWD
HQVXKLVWRULDUHFLHQWH1RSDUHFHGHVFDEHOODGRFRQYRFDUODTXHVHUtDVRORODVH[WD
KXHOJDJHQHUDOGHODKLVWRULDHVSDxROD
 (VXQGHUHFKRIXQGDPHQWDO$XQTXHGHQRVWDGRHQORV~OWLPRVWLHPSRVHOGH
KXHOJDHVXQGHUHFKRIXQGDPHQWDOGHOD&RQVWLWXFLyQ DUW TXHVHHMHUFHFXDQGRFDGDFLXGDGDQRORHVWLPH
 'HVSLGRVLQFOXVRFRQEDMDPpGLFD/DUHIRUPDOHJLWLPDORVGHVSLGRVSURFHGHQWHV
SDUDDTXHOORVWUDEDMDGRUHVTXHDFXPXODQQXHYHGtDVGHEDMDHQXQPHVDXQTXH
VHDMXVWLFDGD
 /DVKXHOJDVDYHFHVIXQFLRQDQ<DRFXUULyHQFRQODKXHOJDJHQHUDOTXH
VXIULy HO *RELHUQR GH DTXHO PRPHQWR HQWRQFHV VH ORJUy GDU PDUFKD DWUiV D OD
UHIRUPDODERUDOD~Q\DDSUREDGD

6

 'RORURVDSHURQHFHVDULD/DUHIRUPDODERUDOGHO*RELHUQRSXHGHVHUGXUDSDUD
FLHUWRVVHFWRUHVSHUREHQHFLRVDSDUDHOFRQMXQWRH[LELOL]DHOPHUFDGRGHWUDEDMR
\SHUPLWHEXVFDUYtDVSDUDHYLWDUHOGHVSLGRHQHPSUHVDVFRQSUREOHPDV
 8QSDORSDUDODHFRQRPtD6LODKXHOJDJHQHUDOWLHQHPXFKRp[LWRSXHGHGHWHQHU
ODSURGXFFLyQHFRQyPLFDHVSDxRODVXSRQGUtDXQFRVWHGHPLOORQHVGHHXURV
VHJ~QFiOFXORVHIHFWXDGRVSRUODSDWURQDO
 1RKD\TXHHQIDGDUDORVVRFLRVGHOD8(/DKXHOJDJHQHUDOVLWXYLHUDp[LWR
SRGUtDHPSDUHQWDUD(VSDxDFRQSDtVHVFRPR*UHFLDTXHKDQDFDEDGRVLHQGR
LQWHUYHQLGRVSRUOD8(DQWHVXQHJDWLYDDOOHYDUDFDERODVUHIRUPDVQHFHVDULDV
$GHPiVORVPHUFDGRVQDQFLHURVWDPSRFRYHUtDQFRQEXHQRVRMRVXQDPDUFKD
DWUiVGHO*RELHUQR
 (O*RELHUQRQRKDSDVDGRQLORVGtDV/DKXHOJDJHQHUDOVHKDFRQYRFDGR
VLQUHVSHWDUORVFRQRFLGRVFRPRGtDVHOSOD]RPtQLPRTXHVHFRQFHGHVHJ~QODFRVWXPEUHDWRGR*RELHUQRSDUDOOHYDUDFDERVXVSULPHUDVSROtWLFDV3RU
RWURODGRODKXHOJDQRVHUYLUiGHPXFKR\DTXHQRFHGHUiHQQLQJ~QFDVRDOD
YLVWDGHODSR\RHOHFWRUDOUHFLELGRHQODVHOHFFLRQHVJHQHUDOHV
 (VXQDKXHOJDSROtWLFD<DDGYLUWLyHO*RELHUQRTXHODRSRVLFLyQVHGHGLFDUtDD
VDFDUDODJHQWHDODFDOOHHQVXFRQWUDODKXHOJDDVtQRHVPiVTXHXQDWiFWLFD
SDUWLGLVWDGHGHVJDVWHDO*RELHUQR
 /D~OWLPDKXHOJDHVUHFLHQWH\IUDFDVy/DDQWHULRUKXHOJDJHQHUDOGHOGH
VHSWLHPEUHGHDSHQDVUHFLELyDSR\RSRSXODU4XpSUREDELOLGDGHVKD\GH
TXHHVWDQXHYDSURWHVWDYD\DDFRQWDUFRQPD\RUSDUWLFLSDFLyQ"
 /RVVLQGLFDWRVQRKDQHVWDGRDODDOWXUD'HVGHHOLQLFLRGHODFULVLVORVVLQGLFDWRV
QRKDQGHIHQGLGRELHQORVLQWHUHVHVGHODFLXGDGDQtD\QRPHUHFHQTXHDKRUDVH
FRQVLJDXQDKXHOJDH[LWRVD
  6ROR ORV MRV SXHGHQ LU D OD KXHOJD /RV WUDEDMDGRUHV MRV \ ORV IXQFLRQDULRV
VRQORV~QLFRVTXHWLHQHQHOSULYLOHJLRUHDOGHLUDODKXHOJDHOUHVWRSRUWHQHUXQ
HPSOHRPX\SUHFDULRRQLVLTXLHUDWUDEDMDUQR
 (OTXHVHYDGHKXHOJDQRFREUDHVHGtD(OGHUHFKRGHKXHOJDHVIXQGDPHQWDO
ORTXHQRTXLHUHGHFLUTXHVHDJUDWLV$QWHHOSDQRUDPDGHEDMDGDGHVDODULRV\DXPHQWRGHSUHFLRVODLGHDGHSHUGHUHOVXHOGRGHXQGtDSXHGHQRSDUHFHUODPHMRU
)8(17(PLQXWRV

?  I

$
 $   

: $1&$! "
1!$
 $ 
*#
  $
 $ 
,9 

#>&1!? "
0


    $
 $ 
0
 8 $
 $  
 
 

0

   $
 $ 
0

  
     

0  
   

       
0

       7 

7
 


?9+$A6?D%9/9$B%/!<9A$A:#!AB




<  %( 


'H & 
  
D>'1&

1R HV KDVWD HO VLJOR ;;


FXDQGRFRPLHQ]DDUHFRQRFHUVH HQ (VSDxD OD REOLJDFLyQGHO(VWDGRGHSURWHJHU
VLWXDFLRQHV GH QHFHVLGDG
GHVXVWUDEDMDGRUHV$Vt
/DSULPHUDOH\TXHSURWHJtD
IUHQWHDODFFLGHQWHGHWUDEDMRHVGHODxR
(OSULPHUVLVWHPDGHVHJXULGDGVRFLDOVHFUHyHQ
OODPiQGRVH ,QVWLWXWR 1DFLRQDOGH3UHYLVLyQ
(OVLVWHPDGHVHJXULGDGVRFLDOWDOFRPRORFRQRFHPRV
DFWXDOPHQWH IXH FUHDGR HQ


/DVHJXULGDGVRFLDOHVXQRGHORVSLODUHVGHO&  #


HQQXHVWUDVRFLHGDGSXHVSHUVLJXH
TXHORV (
 
 (
 
FRPRXQDFFLGHQWHXQDHQIHUPHGDGXQD
LQFDSDFLGDGODMXELODFLyQODYLXGHGDGODRUIDQGDGRHOGHVHPSOHRSXHGDQDFFHGHUDXQDVSUHVWDFLRQHV
WDQWRVDQLWDULDVFRPRHFRQyPLFDVTXH   (
 (GLFKDVLWXDFLyQGHQHFHVLGDGHQODTXH
VHHQFXHQWUDQ
(O   %( DGHPiVYLHQHUHFRJLGRHQODSURSLD:
(
&

HQVXDUWtFXORDOVHxDODUTXHORVSRGHUHVS~EOLFRV HO(VWDGROD$GPLQLVWUDFLyQ PDQWHQGUiQXQ
5%
7  %(     (
TXHJDUDQWLFHODDVLVWHQFLD\
ODVSUHVWDFLRQHVVRFLDOHVVXFLHQWHVDQWHVLWXDFLRQHVGHQHFHVLGDGHVSHFLDOPHQWHHQFDVRGHGHVHPSOHR
6LQHPEDUJRSDUDWHQHU   
 
GHODVHJXULGDGVRFLDOVHGHEHQFXPSOLU XQRV UHTXLVLWRV PtQLPRV TXH MDQ ODV OH\HV VREUH WRGR HVWDU GH DOWD ODERUDO \ XQ WLHPSR GH
FRWL]DFLyQ (VORTXHGDOXJDUDO
 
(GHODVHJXULGDGVRFLDO(OORQRLPSLGHTXH(20


H[LVWDWDPELpQ(


 
(SDUDDTXHOORVFLXGDGDQRVTXHQRKD\DQFRWL]DGR
ORVXFLHQWH\QRWHQJDQUHFXUVRV(OORORDERUGDUHPRVPiVDGHODQWH
(QTXpFRQVLVWHHO
  GHODVHJXULGDGVRFLDO"
(VWHSULQFLSLRLPSOLFDTXHVHSURGXFHXQD 
  (
HQIXQFLyQGHVXUHQWD
GHPDQHUDTXHVHSUHVWDD\XGDDORVTXH 
(


(


(MHPSORVGHOSULQFLSLRGHVROLGDULGDGGHODVHJXULGDGVRFLDO
+D\XQDVROLGDULGDGHQWUHORVTXHPiVDSRUWDQGLQHUR\ORVTXHPHQRVDSRUWDQSXHVHQIXQFLyQ
GHORVLQJUHVRVXQRVFRWL]DQPiVRPHQRVDODVHJXULGDGVRFLDO
+D\XQDVROLGDULGDGHQWUHORVTXHWLHQHQODVXHUWHGHQXQFDHVWDUHQIHUPRV\ORVTXHVtORHV0
2
SXHVORVVHJXQGRVUHFLEHQODVSUHVWDFLRQHVGHODVHJXULGDGVRFLDO
+D\XQDVROLGDULGDGHQWUHODV%

 
\ODVTXH\D
9  9 
 SXHVORVSULPHURVFRWL]DQDKRUDDODVHJXULGDGVRFLDOSDUDTXHORVTXHWUDEDMDURQDQWHULRUPHQWHFREUHQKR\ODSHQVLyQGHMXELODFLyQ
+D\XQDVROLGDULGDGHQWUHORVTXHWLHQHQWUDEDMR\TXLHQHVORKDQSHUGLGR\OREXVFDQSXHVORV
SULPHURVFRWL]DQSRUGHVHPSOHR\ORVVHJXQGRVFREUDQHOSDUR
+D\XQDVROLGDULGDG 
   (
SXHVDWUDYpVGHORV (VHDWLHQGHQ
ODVVLWXDFLRQHVGHQHFHVLGDGGHTXLHQHVQRWLHQHQUHFXUVRV\QRKDQFRWL]DGRVXFLHQWHDWUDYpV
GHOQLYHOQRFRQWULEXWLYR

#H :  
  %( 
/DVHJXULGDGVRFLDOVHDSOLFDWDQWRDORVWUDEDMDGRUHVTXHHVWiQFRWL]DQGR
 
( FRPRD
DTXHOORVFLXGDGDQRVTXHFDUHFHQGHUHQWDV

 
( ORVFXDOHVWLHQHQDFFHVRDDOJXQDV
SUHVWDFLRQHV9HDPRVTXLpQHVHVWiQLQFOXLGRVHQFDGDQLYHO

4

1LYHO
FRQWULEXWLYR

 9 ( +TXHUHVLGDQ\WUDEDMHQHQ(VSDxDWUDEDMDGRUHVSRUFXHQWD


DMHQDDXWyQRPRVVRFLRVWUDEDMDGRUHVGHFRRSHUDWLYDVIXQFLRQDULRVHVWXGLDQWHVHVSDxROHVQRUHVLGHQWHVFRQUHTXLVLWRVH[WUDQMHURVFRQSHUPLVRGHWUDEDMR

1LYHOQR
FRQWULEXWLYR

 TXHUHVLGDQHQ(VSDxDTXHQRHVWpQLQFOXLGRVHQHOQLYHOFRQWULEXWLYRSRU
 0
EHUFRWL]DGRORVXFLHQWH/DVSUHVWDFLRQHVDODVTXHWLHQHQGHUHFKRVRQDVLVWHQFLDVDQLWDULD
LQFDSDFLGDGSHUPDQHQWH\MXELODFLyQ

?9+$A6?D%9/9$B%/!<9A$A:#!AB




:H &((   %( 


/DVHJXULGDGVRFLDOHVWiIRUPDGDSRU   %,
XQUpJLPHQJHQHUDOTXHHQJOREDDFDVL
WRGRVORVWUDEDMDGRUHV\RWURVUHJtPHQHVHVSHFLDOHVGRQGHHVWiQLQFOXLGRVDOJXQRVWUDEDMDGRUHV
5pJLPHQ
JHQHUDO

/RVWUDEDMDGRUHVSRUFXHQWDDMHQDTXHQRHVWpQHQQLQJ~QUpJLPHQHVSHFLDO

5HJtPHQHV





$XWyQRPRVWUDEDMDGRUHVDJUDULRVSRUFXHQWDSURSLDWUDEDMDGRUHVGHOPDUWUDEDMDGRUHVGHODPLQHUtDIXQFLRQDULRVHVWXGLDQWHVPHQRUHVGHDxRV
/RVHPSOHDGRVGHKRJDUVHKDQLQFRUSRUDGRDOUpJLPHQJHQHUDODVtFRPR
ORVWUDEDMDGRUHVDJUtFRODVSRUFXHQWDDMHQD

4XLpQHVHVWiQ 
( 
 5%
 (
"3ULQFLSDOPHQWH
/RV WUDEDMDGRUHV    @  TXH GHVDUUROOHQ XQD DFWLYLGDG  (
  GH
IRUPDKDELWXDOSHUVRQDO\GLUHFWD WHQHUXQQHJRFLR 
(O 
(% +KDVWDVHJXQGRJUDGRTXHFRODERUHQHQODHPSUHVDGHODXWyQRPR\QR
VHDQDVDODULDGRV FRQFRQWUDWRGHWUDEDMR 
 +
TXHWUDEDMHQSRUFXHQWDSURSLD\HVWpQHQXQFROHJLRSURIHVLRQDO XQDERJDGR
XQSVLFyORJRHWF 
    %(
 VRFLRVGHFRPXQLGDGGHELHQHVVRFLRVLQGXVWULDOHVGH
VRFLHGDGHVFROHFWLYDV\FRPDQGLWDULDVVRFLRVWUDEDMDGRUHVGHFRRSHUDWLYDVVLRSWDQSRUDXWyQRPRV
VRFLRVGHVRFLHGDGHVFLYLOHVLUUHJXODUHV
/RVDGPLQLVWUDGRUHVRFRQVHMHURVGHODVVRFLHGDGHVFDSLWDOLVWDV " "' TXHHMHU]DQ+(


 

  %
GHIRUPDKDELWXDOSHUVRQDO\GLUHFWD\TXHDGHPiVWHQJDQHO

 +GHODHPSUHVD TXHSRVHDQPiVGHOGHOFDSLWDOVRORVRMXQWRDIDPLOLDUHV 3RU
HMHPSORHOSURSLHWDULRGHXQDHPSUHVDTXHDGHPiVVHDJHUHQWH

C"'#D'" E;&<<<F

(Q (VSDxD VHJ~Q ODV HVWDGtVWLFDV GHO 0LQLVWHULR GH


(PSOHR HQ PDU]R GH 
KDEtDQ
GHWUDEDMDGRUHV

GHOUpJLPHQJHQHUDO


GH WUDEDMDGRUHV
GHOUpJLPHQGHDXWyQRPRV

(OVLVWHPDGHVHJXULGDGVRFLDOHVWi %
  (
   
(
 TXHHVWiQEDMRHO
FRQWUROGHO0LQLVWHULRGH(PSOHR\GHOD6HJXULGDG6RFLDO'HVWDFDPRV
(OyUJDQRSULQFLSDOHVHO!$"" ,QVWLWXWR1DFLRQDOGHOD6HJXULGDG6RFLDO HOFXDOWLHQHDWULEXLGDODFDSDFLGDGGHUHFRQRFHUHOGHUHFKRDXQDSUHVWDFLyQHFRQyPLFD\RUGHQDUVXSDJR
 1J"" 7HVRUHUtD*HQHUDOGHOD6HJXULGDG6RFLDO HVTXLHQJHVWLRQDORVSDJRV\ORVUHFXUVRVHFRQyPLFRVDVtFRPRODDOLDFLyQDOWDV\EDMDV
(O" -7  & ,1(0DQWHV JHVWLRQDODSUHVWDFLyQGHOGHVHPSOHR
(O!$"A1 ,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMR HVHOSULQFLSDOyUJDQRHQSUHYHQFLyQ
GHULHVJRVODERUDOHVDVHVRUDQGRDODDGPLQLVWUDFLyQ\VREUHWRGRVLHQGRXQDIXHQWHGHLQIRUPDFLyQ\
UHFXUVRVDELHUWRDFXDOTXLHUXVXDULR
$GHPiVGHHVWRVyUJDQRVJHVWRUHVH[LVWHQ 
 FRQODVHJXULGDGVRFLDOODV
PXWXDV\ODVHPSUHVDV DOSDJDUXQDSDUWHGHOVXEVLGLRGHEDMDODERUDO 
4XpVRQODV((GHDFFLGHQWHVGHWUDEDMR\HQIHUPHGDGHVSURIHVLRQDOHV"
6RQDVRFLDFLRQHVGHHPSUHVDULRVTXHVHDJUXSDQSDUDJHVWLRQDUFRQMXQWDPHQWHXQDVHULHGHVHUYLFLRVUHODFLRQDGRVFRQORVDFFLGHQWHVGH
WUDEDMR\ODVHQIHUPHGDGHVSURIHVLRQDOHV
4XpRIUHFHQ"
J
  
  9  
+ : 
 

  
+
+
 GHORVWUDEDMDGRUHVGHODVHPSUHVDVTXHHVWpQDGV- (
GHORVPLVPRVWUDEDMDGRUHV
FULWDVDODPXWXD
3DJDQHOVXEVLGLRPLHQWUDVHVWiGHEDMD DSDUWLUGHOGtD SHURQR

$VLVWHQFLDVDQLWDULD\UHKDELOLWDFLyQSURIHVLRQDO

SXHGHQGDUGHEDMDRDOWDPpGLFD\DTXHOHFRUUHVSRQGHDOPpGLFR
3UHVFULEHQHOSDUWHPpGLFRGHEDMD\GHDOWD

GHODVHJXULGDGVRFLDOGDUODEDMD\HODOWD
3DJDQ

HO VXEVLGLR SRU LQFDSDFLGDG WHPSRUDO PLHQWUDV HO WUDEDMDGRU &RQWURODQODVLWXDFLyQPpGLFDGHOWUDEDMDGRUGHEDMDSDUDORFXDOSXH
HVWpGHEDMD
GHQUHDOL]DUSURSXHVWDVGHDOWDDOD,QVSHFFLyQ0pGLFD
)RUPDFLyQ\SUHYHQFLyQGHDFFLGHQWHVODERUDOHV

I

?9+$A6?D%9/9$B%/!<9A$A:#!AB




H %
    
 %( 
/RV HPSUHVDULRV TXH FRQWUDWHQ WUDEDMDGRUHV WLHQHQ XQD VHULH GHREOLJDFLRQHV UHVSHFWR D OD VHJXULGDG
VRFLDOTXHVRQODVVLJXLHQWHV

$OLDFLyQ
DOWDV
\EDMDV

$OLDFLyQ/DDOLDFLyQVRORVHUHDOL]D(
 L 
  SRUORTXHODSULPHUDYH]TXH
XQWUDEDMDGRUVHSRQHDWUDEDMDUHOHPSUHVDULRTXHORFRQWUDWDGHEHDOLDUORDODVHJXULGDGVRFLDO$O
WUDEDMDGRUVHOHDVLJQDXQQ~PHURGHVHJXULGDGVRFLDO
'&DGDYH]TXHVH
  (
9KD\TXHGDUOHGHDOWDDQWHVGHTXHFRPLHQFHD
WUDEDMDU6LVHOHGDGHDOWDSRVWHULRUPHQWHWLHQHTXHSDJDULJXDOPHQWH
#9&XDQGR
HOFRQWUDWRGHEHGDUVHGHEDMDDOWUDEDMDGRUGLVSRQLHQGRGHXQSOD]RGH
GtDVQDWXUDOHVGHVGHHOFHVHHQHOWUDEDMR

&RWL]DFLyQ

(OHPSUHVDULRGHEH LDODVHJXULGDGVRFLDO   9TXHWLHQHFRQWUDWDGRV


VHJ~QORVSRUFHQWDMHVTXHVHLQGLFDQHQODWDEODGHPiVDEDMR
$GHPiV 
%HQOD7*66VXFXRWDGHVHJXULGDGVRFLDO\WDPELpQODFXRWDGHORVWUDEDMDGRUHVTXHVHOHVGHVFRQWyHQODQyPLQD(VWHLQJUHVRGHEHUHDOL]DUVHHQHO %(
 

ODQyPLQDTXHFRUUHVSRQGD

#;":' &$ ' K&#

6LTXLHUHVVDEHUHQTXpHPSUHVDVKDVHVWDGRGHDOWD \
GXUDQWHFXiQWRWLHPSR DOR
ODUJR GH WX  
SXHGHVFRQVXOWDUODHQODSiJLQDGHODVHJXULGDGVRFLDO
ZZZVHJVRFLDOHV
([LVWHQ  +

REWHQHUOD
6L WLHQHV FHUWLFDGR GLJLWDO
SXHGHV FRQVXOWDUOD \ DFFHGHUHQHOPLVPRPRPHQWR
6LQRORWLHQHVSXHGHVVROLFLWDUXQLQIRUPH\VHHQWUHJD
DWUDYpVGHFRUUHRRUGLQDULR

:(2
 
%     %( SRUORVWUDEDMDGRUHVFRQWUDWDGRV"
(QODXQLGDGYLPRVODVEDVHVGHFRWL]DFLyQGHFRQWLQJHQFLDVFRPXQHV %&&& \SURIHVLRQDOHV %&&3 
DVtFRPRODEDVHGHKRUDVH[WUDV %+( $ORVWUDEDMDGRUHVVHOHVDSOLFDEDXQVREUHHVDVEDVHV\
VHOHVGHVFRQWDEDGHODQyPLQD$ODVHPSUHVDVWDPELpQVHOHVDSOLFDQXQRVVREUHHVDVEDVHVSDUD
SDJDUVXSDUWH FXRWD GHVHJXULGDGVRFLDOSRUFRQWUDWDUWUDEDMDGRUHV9HDPRVFXiOHVVRQHVDVFXRWDV\
SRUFHQWDMHV
  
 
  

 

9 
"B6/$/
"#
=
C


GHOD%&&&
7DULIDGHSULPDVDSOLFDGDDOD%&&3
6HWUDWDGHXQTXHYDUtDHQIXQFLyQGHODSHOLJURVLGDGGHFDGDWUDEDMR YHU
KWWSZZZVHJVRFLDOHVSUGLJURXSVSXEOLFGRFXPHQWVELQDULRSGI
7LSRJHQHUDO LQGHQLGRV GH%&&3
&RQWUDWRVWHPSRUDOHVGH%&&3
&RQWUDWRVWHPSRUDOHVDWLHPSRSDUFLDO%&&3
GHOD%&&3
GHOD%&&3
2UGLQDULDVGHODEDVHKRUDVH[WUDV
)XHU]DPD\RUGHODEDVHKRUDVH[WUDV

: 2 
&27,=$&,1'(/$(035(6$
9HDPRVXQFDVRGHXQDQyPLQDVHQFLOODSDUDYHUFXiQWRVHGHVFXHQWDDOWUDEDMDGRUGHVHJXULGDGVRFLDOH,53)FXiQWRUHFLEHGHQHWR\
FXiQWDVHJXULGDGVRFLDOWLHQHTXHSDJDUODHPSUHVDSRUVXSDUWH8QWUDEDMDGRULQGHQLGRWLHQHXQVDODULREDVHGH\GRVSDJDVH[WUDV
DQXDOHVTXHHVWiQSURUUDWHDGDVSRUYDORUGHDOPHV6HOHUHWLHQHXQGH,53)/DWDULIDGHSULPDVHVGHO&DOFXODVXVDODULR
QHWR\ODVHJXULGDGVRFLDODFDUJRGHODHPSUHVD
"(

6DODULREUXWR  
6HJXULGDGVRFLDOWUDEDMDGRU GH%&&& FRLQFLGHFRQ%&&3  GH 
,53)GHOWUDEDMDGRU GH 
6DODULRQHWR  (OWUDEDMDGRUSHUFLEHTXHWUDEDMDSRU

@

?9+$A6?D%9/9$B%/!<9A$A:#!AB




&27,=$&,1'(/$(035(6$ FRQWLQXDFLyQ
:(  %   GHOWUDEDMDGRUFRQWUDWDGR
 && GH 
 &3 GH 
 'HVHPSOHR GH 
 )2*$6$ GH 
 )3 GH 
1 1'VHJXULGDGVRFLDODFDUJRGHODHPSUHVD 6644R

E(5 

  
 TXHOHVXSRQH
HOWUDEDMDGRU"
6DODULRQHWRDHQWUHJDU 
6HJXULGDGVRFLDOWUDEDMDGRU 
 DLQJUHVDUHQODVHJXULGDGVRFLDO
,53)GHOWUDEDMDGRU 
 DLQJUHVDUHQ+DFLHQGD
6HJXULGDGVRFLDODFDUJRGHODHPSUHVD 
 DLQJUHVDUHQODVHJXULGDGVRFLDO
1  9 Z <@644R

&H  L
  (

/RV DXWyQRPRV WLHQHQ XQ VLVWHPD HVSHFLDO GH FRWL]DFLyQ D OD VHJXULGDG VRFLDO \D TXH QR FRWL]DQ SRU
ODFDQWLGDGTXHJDQDQVLQRSRU (
 
TXHHOORVGHFLGHQODFXDOVHGHEHHQFRQWUDU 
 (

2X (
,
$HVDFDQWLGDG EDVHGHFRWL]DFLyQ VHOH 
(
 
9SDUD
WHQHUGHUHFKRDODVSUHVWDFLRQHVGHVHJXULGDGVRFLDODOJXQRVGHORVFXDOHVVRQREOLJDWRULRV\RWURVYROXQWDULRV/RYHPRVHQODVLJXLHQWHWDEOD
# 7 

 C 

/RVDXWyQRPRVGHEHQHOHJLUXQDEDVHGHFRWL]DFLyQSDUDFRPSUHQGL  
 @=@4R <6=IRDOPHV

3DUDHYLWDUTXHORV~OWLPRVDxRVGHYLGDODERUDOVHLQFUHPHQWHQVXVWDQFLDOPHQWHODVEDVHVGHFDUDDFREUDUPiVHQODSHQVLyQGHMXELODFLyQ
0D\RUHVGHDxRV
VHHVWDEOHFHQXQRVWRSHVGHFRWL]DFLyQHQIXQFLyQGHODHGDG DOUHGHGRU
GH VDOYRTXHVHYLQLHVHFRWL]DQGRDQWHVSRUXQDFDQWLGDGPD\RU
),
 VLQGHUHFKRDFREUDUGHEDMD   4=G< 6RORHVSRVLEOHVL\D
HVWiSURWHJLGRSRUHVWDULQFOXLGRHQRWURUpJLPHQSRUHMHPSORHOJHQHUDO
&RQ    9 3@G
&RQ GHUHFKR D EDMD SRU 

%
 +
 VH FRWL]D GH
IRUPDDxDGLGDSRUODWDULIDGHSULPDVTXHOHFRUUHVSRQGDDVXDFWLYLGDG(Q
1  8 
SULQFLSLRVHUiREOLJDWRULRFRWL]DUSRU&3DSDUWLUGH
&RQGHUHFKRDSUHVWDFLyQGH% (
  L  
0
VHFRWL]DXQDxDGLGR
&RQGHUHFKRD 
    Y

ORVDXWyQRPRV VHFRWL]DXQDxDGLGRUHGXFLpQGRVHHQXQHO
SRUFHQWDMHGH&&GHODO

#;":' &$ ' K&#

%XVFDHQODSiJLQDGHODVHJXULGDGVRFLDO ZZZVHJVRFLDO
HV TXpWLSRVGHFRWL]DFLyQVH
KDQ HVWDEOHFLGR SDUD HO DxR
 VXHOHFRQRFHUVHDQDOHVGHHQHUR \VLKDFDPELDGRDOJXQRUHVSHFWRDO
3DUDHOORHQWUDHQ
KWWSZZZVHJVRFLDOHV,QWHUQHWB(PSUHVDULRV&RWL]DFLRQ5HFDXGDFLLQGH[KWP

: 2 
&27,=$&,1'($8712026
&DOFXODTXpFDQWLGDGWHQGUtDQTXHSDJDUORVVLJXLHQWHVDXWyQRPRVHQHQIXQFLyQGHODVSUHVWDFLRQHVTXHTXLHUHQWHQHUSURWHJLGDV
7RGRVKDQHOHJLGRODEDVHPtQLPDGHFRWL]DFLyQGH
D 8QHPSUHVDULRTXHTXLHUHSDJDUORPtQLPRGHDXWyQRPRV\OHGDLJXDOVLFREUDGHEDMDRQRQLRWUDFLUFXQVWDQFLD7LHQHRWURWUDEDMRSRU
FXHQWDDMHQD\HVWiLQFOXLGRHQHOUpJLPHQJHQHUDO
E 8QDDERJDGDTXHWLHQHHQSUR\HFWRTXHGDUVHHPEDUD]DGD\SRUORWDQWRTXLHUHWHQHUFXELHUWDVODVSRVLEOHVEDMDVSRUFXDOTXLHUFRQWLQJHQFLDFRP~QDVtFRPRULHVJRGXUDQWHHPEDUD]R\ODFWDQFLD
F 8QHPSUHVDULRTXHQRWLHQHFODURVLYDDVHJXLUFRQHOQHJRFLRHQSRFRVDxRV\TXLVLHUDWHQHUDOJXQDSUHVWDFLyQSDUHFLGDDOGHVHPSOHR
"(

D &RWL]DUtDSRUODEDVHPtQLPD  SRUHOWLSRPHQRU   I=R  
E &RWL]DUtDSRUODEDVHGHSRUHOWLSRGHGH&&SRUULHVJR6HUtDQ[ =4IR  
F &RWL]DUtDSRUODEDVHGHSRUSRU&&SRUFHVHGHDFWLYLGDG[ I64R  <

3

?9+$A6?D%9/9$B%/!<9A$A:#!AB
#
 
 

$VLVWHQFLD VDQLWDULD PpGLFD \


IDUPDFpXWLFD SUyWHVLV TXLU~UJLFDV\YHKtFXORVSDUDLQYiOLGRV
,QFDSDFLGDGWHPSRUDO EDMD 
0DWHUQLGDG\SDWHUQLGDGDGRSFLyQRDFRJLPLHQWRGHPHQRUHV
5LHVJR GXUDQWH HO HPEDUD]R \
ODODFWDQFLD
,QFDSDFLGDG SHUPDQHQWH LQYDOLGH] 
/HVLRQHVSHUPDQHQWHVQRLQYDOLGDQWHV SH SpUGLGD GHQLWLYD
GHXQGHGR 
-XELODFLyQ
0XHUWH \ VXSHUYLYHQFLD YLXGHGDGRUIDQGDGDIDYRUGHIDPLOLDUHVDX[LOLRSRUGHIXQFLyQ
3UHVWDFLRQHVSRUKLMRDFDUJR
'HVHPSOHR

 

3HQVLyQGHMXELODFLyQ
3HQVLyQ SRU LQFDSDFLGDG SHUPDQHQWH
$VLVWHQFLDVDQLWDULD
6XEVLGLRGHGHVHPSOHRHQGHWHUPLQDGDV FLUFXQVWDQFLDV GH
FDUHQFLDGHUHQWDV

C"'#D'" E;&<<<F

 ,  9 (



 
  2

(I
6HJ~Q XQD VHQWHQFLD GHO
7ULEXQDO GH -XVWLFLD GH OD
8(GHGHMXQLRGH
FXDQGR XQ WUDEDMDGRU HVWDQGR GH YDFDFLRQHV FRQWUDLJD
XQD HQIHUPHGDG R WHQJD XQ
DFFLGHQWH SRGUi LQWHUUXPSLU
ODV YDFDFLRQHV \ GLVIUXWDUODV
GHVSXpV
/DPLVPDVHQWHQFLDKDGLFWDGR HO7ULEXQDO 6XSUHPR FRQ
OD 676 GH  GH HQHUR GH
 XQLFDQGR OD GRFWULQD
DOUHVSHFWR






< -
   %( 
/DVSUHVWDFLRQHVGHODVHJXULGDGVRFLDOSXHGHQVHU
( SDUDDTXHOORVTXHUH~QHQORVUHTXLVLWRVGHDOWD\FRWL]DFLyQPtQLPD R
 
( SDUDDTXHOORVTXHFDUHFHQGHUHQWDV\QRUH~QHQ
ORVUHTXLVLWRV (QOD  SXHGHVREVHUYDUHO  

(QHVWDXQLGDGSURIXQGL]DUHPRVHQODLQFDSDFLGDGWHPSRUDOODLQFDSDFLGDGSHUPDQHQWHODVSUHVWDFLRQHVSRUPXHUWH\VXSHUYLYHQFLDODMXELODFLyQ\HOGHVHPSOHR/DVSUHVWDFLRQHVGHPDWHUQLGDGSDWHUQLGDG
ULHVJRGXUDQWHHOHPEDUD]R\ODODFWDQFLDIXHURQWUDWDGDVHQOD8'HQODVXVSHQVLyQGHOFRQWUDWR

<< !
 
/DLQFDSDFLGDGWHPSRUDOHVODEDMDODERUDOTXHLPSLGHWHPSRUDOPHQWHDVLVWLUDOWUDEDMR GXUDQWH
DOPHQRVXQGtD GHELGRDXQDHQIHUPHGDG FRP~QRSURIHVLRQDO RXQDFFLGHQWH ODERUDORQRODERUDO 
DVtFRPRGXUDQWHORVSHULRGRVGHREVHUYDFLyQSURIHVLRQDOSRUODSRVLELOLGDGGHKDEHUFRQWUDtGRXQDHQIHUPHGDGSURIHVLRQDO
(QODXQLGDGYLPRVORTXHHUDQODVFRQWLQJHQFLDVFRPXQHV\ODVSURIHVLRQDOHV9DPRVDUHSDVDUORSXHV
HQODEDMDODERUDOVHFREUDQGLVWLQWDVFDQWLGDGHVHQIXQFLyQGHVLHVXQDFRQWLQJHQFLDFRP~QRSURIHVLRQDO

&RQWLQJHQFLDV
FRPXQHV

/DVVLWXDFLRQHVTXHQRHVWiQUHODFLRQDGDVFRQHOWUDEDMRVRQFRPXQHVD
FXDOTXLHUSHUVRQD
8QD
+ 7
SRUHMHPSORXQUHVIULDGR
8Q 

 SRUHMHPSORKDFHUVHXQHVJXLQFHHOQGH
VHPDQDUHDOL]DQGRGHSRUWH

&RQWLQJHQFLDV
SURIHVLRQDOHV

/DVVLWXDFLRQHVTXHWLHQHQTXHYHUFRQHOWUDEDMR
8Q 
 TXHVHSURGXFHDFDXVDGHOWUDEDMRFRPRXQ
JROSHFRQXQDKHUUDPLHQWD
8QD 
+ +
SRUHMHPSORODDGTXLULGDSRUFRQWDFWR
FRQVXVWDQFLDVTXtPLFDVQRFLYDV SHFRQHOSORPR 
/RVSHULRGRVGHREVHUYDFLyQSURIHVLRQDO

$ 5HTXLVLWRV\GXUDFLyQ

D  

9
 

(VWDUDOLDGR\GHDOWD RDVLPLODGDDODOWDFRPRHVWDUFREUDQGRHOSDUR 
3DUDODVHQIHUPHGDGHVFRPXQHVVHUHTXLHUHKDEHUFRWL]DGRSUHYLDPHQWHGtDV
HQORVDxRVDQWHULRUHVDODEDMD
3DUDHOUHVWRGHVLWXDFLRQHVQRVHH[LJHKDEHUFRWL]DGRDQWHV
0i[LPRPHVHV&DEHXQDSUyUURJDGHO,166GHKDVWDRWURVPHVHVVLVHSUHYp
VXFXUDFLyQ WRWDO@  
7UDQVFXUULGRVORVPHVHVHQORVPHVHVVLJXLHQWHVKD\TXHYDORUDU
6LVHOHGDODLQFDSDFLGDGSHUPDQHQWH

6LVHOHGDGHDOWD

2ELHQVLVHSUHYpXQDPHMRUD\VHOHRWRUJDRWUDSUyUURJDGHRWURVPHVHVKDVWD

OOHJDUDORVPHVHVGHVGHODEDMDLQLFLDO

#H :(
,
/DFXDQWtDYDDGHSHQGHUGHVLVHWUDWDGHXQDFRQWLQJHQFLDFRP~QRGHXQDFRQWLQJHQFLDSURIHVLRQDO(Q
HOVLJXLHQWHFXDGURVHHVSHFLFD  

%
TXpFDQWLGDGVHFREUDGHEDMD
+(


 ( (

,

?9+$A6?D%9/9$B%/!<9A$A:#!AB




 E
#
 E
A
   
$FFLGHQWHGHWUDEDMR
/ 

A
  
 
'tDGHO
 6HFREUD

 
'tDV   \  $  
FRQWDQGR GHVGH HO
XQGtDFXDOTXLHUD
GtDGHODEDMD
'tDV  DO  4G GH OD EDVH UHJXOD- 'tDSRVWHULRUDODFFL- I=G GH OD EDVH UHJXODGHVGHODEDMD
GRUDORSDJDODHPSUHVD GHQWH   , GRUD OR SDJD OD PXWXD
 <
RHO,166ORDGHODQWDOD
HPSUHVD
'tDV  DO  4G GH OD EDVH UHJXOD- 3RVLELOLGDGGH90 /RV FRQYHQLRV (

GHVGHODEDMD
TXHSRUFRQWLQGRUDORSDJDODPXWXDR   


JHQFLDVSURIHVLRQDOHVHO
HO,166\ORDGHODQWDOD
FRQYHQLRPHMRUDGHO
HPSUHVD
 G FRUULHQGR HVH
'tDV  HQ DGH0 I=G GH OD EDVH UHJXODUHVWDQWHDFDUJRGH


GRUD OR SDJD OD PXWXD
ODHPSUHVD
RHO,166ORDGHODQWDOD
HPSUHVD
4XpHVOD  %("(VODFDQWLGDGTXHVHWRPDFRPRUHIHUHQFLDSDUDFDOFXODUFXiQWRYDD
FREUDUHOWUDEDMDGRUGHEDMDODFXDOHVWi
(     L
  
  
9$VtFXDQWRPiVFRWLFHXQWUDEDMDGRUPD\RUVHUiVXEDVHUHJXODGRUD\SRUORWDQWRPiVFREUDUi
DOHVWDUGHEDMD
/DEDVHUHJXODGRUDVH(GHGLVWLQWDPDQHUDVHJ~QVHDFRP~QRSURIHVLRQDO
&RQWLQJHQFLDV(
6HWRPDOD#:::   
\VHGLYLGHSRUHO
7  ,
GtDVVLHVVDODULRPHQVXDORORVGtDVGHOPHVVLVHFREUDSRUVDODULRGtD

#;":' &$
1; : $?&$!

%XVFDHQWXFRQYHQLRVLpVWH
WLHQHDOJXQDPHMRUDHQHOVXEVLGLRGHLQFDSDFLGDGWHPSRUDO
VREUHWRGRItMDWHVLORWLHQHHQ
FRQWLQJHQFLDVSURIHVLRQDOHV

D>'1&

6L XQ WUDEDMDGRU FREUD XQD


SDUWHGHVXVDODULRHQQHJUR
RHQ%\QRORGHFODUDHQOD
QyPLQD VX EDVH GH FRWL]DFLyQ HV PHQRU SRU OR TXH D
OD KRUD GH FDOFXODU VX EDVH
UHJXODGRUD pVWD WDPELpQ HV
PiVSHTXHxD\FREUDPHQRV
DOHVWDUGHEDMDODERUDORHQ
FXDOTXLHUD GH ODV SUHVWDFLRQHV YLQFXODGDV D OR TXH VH
KD\DFRWL]DGR

&RQWLQJHQFLDV+
6HWRPDOD#::-   
   
  X0
\VHGLYLGHLJXDOPHQWHSRUHOQ~PHURGHGtDV$KRUDOH(     X
L (
   
SDUDHYLWDUHOHIHFWRGHTXHMXVWRHOPHVDQWHULRUDODEDMDKD\D
UHDOL]DGRPXFKDVKRUDVH[WUDVRQLQJXQDFXDQGROOHYHWRGRHODxRUHDOL]DQGR/DPHGLDGHKRUDVH[WUDV
GHODxRDQWHULRUHVXQDFDQWLGDGPiVUHDO
%5FF %&&&PHVDQWHULRU
yGtDVGHOPHV

%5&3 %&&3PHVDQWHULRUKRUDVH[WUDV  +RUDVH[WUDVDxRDQWHULRU



yGtDVGHOPHV

yGtDV

: 2 
,1&$3$&,'$'7(0325$/325&217,1*(1&,$&201
8QWUDEDMDGRUKDVXIULGRXQDFFLGHQWHQRODERUDOHOGtDGHQRYLHPEUH\KDHVWDGRGHEDMDKDVWDHOGtDGHQRYLHPEUH6XVDODULREDVH
PHQVXDOHVGH\FREUDODSDJDH[WUDSURUUDWHDGDSRUYDORUGHDOPHV&DOFXODFXDQWRFREUDUiSRULQFDSDFLGDGWHPSRUDO5HDOL]y
KRUDVH[WUDVKDFHPHVHVSRUYDORUGH"(

 &DOFXODUVXEDVHUHJXODGRUD #. :: %&&&PHVDQWHULRU  =R  ,





yGtDVGHOPHV
 &DOFXODUFXiQWRJDQDHQFDGDWUDPR\VXPDUORV
\GtD GtDV\GHQRYLHPEUH QRSHUFLEHQDGD VDOYRTXHKXELHVHPHMRUDYROXQWDULDGHOFRQYHQLR 
DOGtD GtDVDOGHQRYLHPEUH GH%5[GtDV [GtDV DFDUJRGHODHPSUHVD
DOGtD GtDVDOGHQRYLHPEUH GH%5[GtDV [GtDV DFDUJRGHODPXWXDR,166
HQDGHODQWH GtDVDGHQRYLHPEUH GH%5[GtDV [GtDV  PXWXDR,166
1  =6I=R



?9+$A6?D%9/9$B%/!<9A$A:#!AB




: 2 6
,1&$3$&,'$'7(0325$/325&217,1*(1&,$352)(6,21$/
&DOFXODHOPLVPRFDVRGHOHMHUFLFLRDQWHULRUSHURVXSRQLHQGRTXHIXHVHXQDFFLGHQWHGHWUDEDMR&RPSDUDHVWDFDQWLGDGFRQODDQWHULRU
"(


 &DOFXODUVXEDVHUHJXODGRUD #. :- %&&3PHVDQWHULRUKRUDVH[WUDV  +RUDVH[WUDVDxRDQWHULRU








yGtDVGHOPHV

GtDV
   4R  ,

 &DOFXODUFXiQWRJDQDHQFDGDWUDPR\VXPDUORV
'tDGHODFFLGHQWHVHFREUDGHQyPLQDGHODHPSUHVD\QRGHEDMD(OGtDGHQRYLHPEUHFREUDUtDHOVDODULRGLDULRTXHVRQ=R
'tDVLJXLHQWHKDVWDHO~OWLPRGtDODEDMD DOGHQRYLHPEUHVRQGtDV XQGH%5&3 GH[GtDV [GtDV 
IR$FDUJRGHODPXWXDRGHO,166$GHODQWDHOGLQHURODHPSUHVD
1 FREUDUiGHVXEVLGLRGHQyPLQDGHOGtDGHODFFLGHQWH IIR SRU&&FREUDED 

<< !
 


(VODVLWXDFLyQHQTXHGHVSXpVGHKDEHUVLGRGDGRGHDOWDPpGLFDHOWUDEDMDGRUSUHVHQWD(


   +(

 %ODVFXDOHVYDQDVHUSUHYLVLEOHPHQWHGHQLWLYDV\YDQDGLVPLQXLUVX GHIRUPDWRWDORSDUFLDO
([LVWHQ6 %  
VLHQGRVXVFDUDFWHUtVWLFDVSULQFLSDOHV
#;":' &$ ' K&#

&yPR VDEHU VL VH KD FRWL]DGR HO PtQLPR SDUD WHQHU
GHUHFKRDXQDSUHVWDFLyQSRU
LQFDSDFLGDGSHUPDQHQWH"
&yPRVDEHUFyPRVHFDOFXOD XQD EDVH UHJXODGRUD SDUD
FDGDJUDGRGHLQFDSDFLGDG"
/R SXHGHV FRQVXOWDU HQ OD
ZHE GH OD VHJXULGDG VRFLDO
ZZZVHJVRFLDOHV
(QWUD HQ 7UDEDMDGRUHV \
GHVSXpV HQ 3UHVWDFLRQHV
$OOt HQFRQWUDUiV WRGDV ODV
SUHVWDFLRQHVGHODVHJXULGDG
\ VXV SULQFLSDOHV FDUDFWHUtVWLFDV UHTXLVLWRV GXUDFLyQ
FDOFXORGHODSUHVWDFLyQHWF

%  




%  




%  


(
J


L

$TXHOODLQFDSDFLGDGTXHSURGXFHHQHOWUDEDMDGRUXQD 
(
GHDOPHQRV
 GGHOUHQGLPLHQWRQRUPDOHQHOWUDEDMRVLQTXHOHLPSLGDUHDOL]DU( 
+(

SRUORTXHSXHGHVHJXLUHQHOPLVPRWUDEDMRDXQTXHFRQPHQRU
FDSDFLGDG
6HFREUDXQDLQGHPQL]DFLyQDWDQWRDO]DGR GHXQDVRODYH] GHOHTXLYDOHQWHD 6
UHJXODGRUDVGHOWUDEDMDGRU
(V DTXHOOD LQFDSDFLGDG TXH SURGXFH TXH HO WUDEDMDGRU
 ( L 
 +(

 GH VX SXHVWR GH WUDEDMR ( SHUR Vt TXH SXHGH
UHDOL]DURWURWUDEDMR
6HFREUDXQD 

 SDUDWRGDODYLGDVDOYRTXHTXLHUDDFFHGHUDOD
MXELODFLyQ GHO==G
 UHJXODGRUD
(VWDSHQVLyQ FRQODUHDOL]DFLyQGH 9
(QHOFDVRGHWUDEDMDGRUHV    ==  \PHQRUHVGH TXHWHQJDQ
JUDYHVGLFXOWDGHVSDUDHQFRQWUDURWURHPSOHRVHFREUDUiHOI=GGHODEDVHUHJXODGRUD(VWHQRHVFRPSDWLEOHFRQUHDOL]DURWURWUDEDMR
(VDTXHOODLQFDSDFLGDGTXHQRSHUPLWHUHDOL]DUDOWUDEDMDGRU

%7
  0
9QLHOKDELWXDOQLRWUR
6HFREUDXQDSHQVLyQYLWDOLFLDGHOGGHODEDVHUHJXODGRUD
(VDTXHOODLQFDSDFLGDGDEVROXWDTXHDGHPiVUHTXLHUHGHODDVLVWHQFLDGHXQD
 
SDUDUHDOL]DUORVDFWRVHVHQFLDOHVGHODYLGD FRPHUYHVWLUVHHWF 
/DSHQVLyQYLWDOLFLDGHOG  (
 FRQXQ,
  6=GSDUDSDJDUDODSHUVRQDTXHDWLHQGHDOLQYiOLGR Pi[LPRGHO 

C
 
%

ODVLQFDSDFLGDGHVSHUPDQHQWHV"

/DYDORUDFLyQODUHDOL]DHO(TXLSR0pGLFRGH,QFDSDFLGDGHVGHO,166HOFXDOUHPLWHXQDSURSXHVWDDOD
'LUHFFLyQ3URYLQFLDOGHO,166SDUDVXDSUREDFLyQ(VHVWHHTXLSRPpGLFRHOTXHGHFLGHHQFDGDFDVRVL
VHGDQODVFLUFXQVWDQFLDVSDUDFRQFHGHUODLQFDSDFLGDGSHUPDQHQWH






?9+$A6?D%9/9$B%/!<9A$A:#!AB

: 2 =
,1&$3$&,'$'3(50$1(17(
(QXQDFFLGHQWHGHDXWRE~VpVWHYROFySRUXQEDUUDQFRGHXQRVPHWURV\FRPRFRQVHFXHQFLDGHOPLVPRVHSURGXMHURQYDULRVKHULGRV
JUDYHVDOJXQRVFRQVHFXHODVGHQLWLYDVTXHLQX\HQHQVXFDSDFLGDGODERUDO+D\TXHGHVWDFDUFDVRV
D 3HSHFDPLRQHURGHSURIHVLyQKDWHQLGRXQDOHVLyQHQODFROXPQDTXHOHLPSLGHFDPLQDUFRQQRUPDOLGDG\HMHUFHUIXHU]DFRQODVSLHUQDV
SRUORTXHQRSXHGHYROYHUDUHDOL]DUVXWUDEDMR
E $QGUHDHVSHOXTXHUD\KDSHUGLGRGRVGHGRVGHODPDQRL]TXLHUGD(VSRVLEOHTXHDKRUDYD\DPiVOHQWDSHURSXHGHFRQWLQXDUHMHUFLHQGR
VXWUDEDMRGHSHOXTXHUD
F $QDVWDVLRWUDEDMDGHDGPLQLVWUDWLYR\HVDOTXHSHRUHVVHFXHODVOHKDGHMDGRHODFFLGHQWH6HKDTXHGDGRWHWUDSOpMLFR\QHFHVLWDGHOD
D\XGDGHXQDWHUFHUDSHUVRQDSDUDUHDOL]DUORVDFWRVHVHQFLDOHVGHODYLGD
G 3HSDWUDEDMDHQXQDFDGHQDGHSURGXFFLyQ&RQODFDtGDKDSHUGLGRORVGRVDQWHEUD]RV3XHGHDJDUUDUREMHWRVSHURQRPDQLSXODUORVFRQ
SUHFLVLyQSRUORTXHHVGLItFLOTXHHQFXHQWUHFXDOTXLHURWURWLSRGHHPSOHR
4XpJUDGRGHLQFDSDFLGDGSHUPDQHQWHWLHQHFDGDWUDEDMDGRU\TXpSUHVWDFLyQSXHGHFREUDU"
"(

D 6HWUDWDGHXQDLQFDSDFLGDGSHUPDQHQWHWRWDOSDUDODSURIHVLyQKDELWXDOGHFDPLRQHUR6tTXHSRGUtDHMHUFHURWURWUDEDMR(QSULQFLSLR
SXHGHUHFLELUXQDSHQVLyQYLWDOLFLDGHOGHVXEDVHUHJXODGRUDSXGLHQGRDOFDQ]DUHOHQFDVRGHTXHWHQJDGLFXOWDGHVSDUDHQFRQWUDURWURHPSOHR
E (VXQDLQFDSDFLGDGSHUPDQHQWHSDUFLDO VLDOFDQ]DDOPHQRVHO \DTXHSXHGHVHJXLUUHDOL]DQGRODVWDUHDVHVHQFLDOHVGHSHOXTXHUD
DXQTXHFRQPHQRUUHQGLPLHQWR7LHQHGHUHFKRDFREUDUDWDQWRDO]DGRPHVHVGHODEDVHUHJXODGRUD
F (VXQDJUDQLQYDOLGH]QHFHVLWDGHODD\XGDGHXQDWHUFHUDSHUVRQDSDUDORVDFWRVHVHQFLDOHVGHODYLGD/HFRUUHVSRQGHXQGHOD
EDVHUHJXODGRUDPiVXQPtQLPRDxDGLGRGHOSDUDSDJDUDODSHUVRQDTXHOHDWLHQGH
G (QSULQFLSLRHVXQDLQFDSDFLGDGSHUPDQHQWHDEVROXWDSDUDFXDOTXLHUWLSRGHWUDEDMRVLELHQHVSRVLEOHTXHDWUDYpVGHUHKDELOLWDFLyQ
SXHGDUHFXSHUDUODIXQFLRQDOLGDGSDUDHMHUFHUDOJ~QWUDEDMR3XHGHFREUDUHOGHODEDVHUHJXODGRUD

<< -
  ( (

6RQ SUHVWDFLRQHV D IDYRU GH ODV SHUVRQDV TXH GHSHQGHQ HFRQyPLFDPHQWH GH XQ WUDEDMDGRU R
SHQVLRQLVWDTXHIDOOHFH/DVSUHVWDFLRQHVVRQODVVLJXLHQWHV
(VXQDSHQVLyQYLWDOLFLDSDUDHO 
(%GHXQWUDEDMDGRURSHQVLRQLVWDTXHKD
IDOOHFLGRODFXDOHVFRQODVUHQWDVGHO9
" VLVHYXHOYHDFRQWUDHU
VDOYRHQFLHUWRVFDVRVGHFDUHQFLD

#  
GHUHQWDV
   
6HFREUDXQ =G GHODEDVHUHJXODGRUDSXGLHQGROOHJDU  IGHQFLHUWRVFDVRV
HQTXHVHWHQJDQFDUJDVIDPLOLDUHV\ODSHQVLyQGHYLXGHGDGVHDODSULQFLSDOIXHQWH
GHLQJUHVRV
7LHQHQGHUHFKRORVKLMRV
   GHOIDOOHFLGR
" ,  = HQHOFDVRGHTXHHOKXpUIDQR
 9RVXVLQJUHVRV
VHDQLQIHULRUHVDO60,DQXDOORFXDO\DWLHQHHIHFWRVSDUDHOFDVRGHRUIDQGDGDEVR#  
OXWDSHURVLIXHVHRUIDQGDGVLPSOHHQHOWRGDYtDHVWiDPSOLDGRDDxRV\\D

 
HQHOHVWDUiDPSOLDGRDDxRV
6HFREUDXQDSHQVLyQGHOGGHODEDVHUHJXODGRUD6LQRTXHGDVHYLXGRRYLXGD
HOGHYLXGHGDGVHLQFUHPHQWDUtDDODGHRUIDQGDG
3DUD +KDVWDVHJXQGRJUDGRGLVWLQWRVGHOFyQ\XJH\ORVKLMRVTXH
#  FRQYLYLHVHQFRQHOIDOOHFLGRGXUDQWHDOPHQRVGRVDxRV\HVWXYLHVHQDVXVH[SHQVDV
FRPRSDGUHVQLHWRVDEXHORV\KHUPDQRV 

 


TXHHQHOFDVRGH+
VLHPSUHTXHQRVHWHQJD
6HFREUDODPLVPD
  

QLQJXQDSHQVLyQQLPHGLRVGHVXEVLVWHQFLD
/C    (VXQDFDQWLGDGHQSDJR~QLFRSDUDDX[LOLDUHQORV%  <
  3DUDVRQ

#;":' &$ ' K&#

3XHGHVFRQVXOWDUHQODZHE
GHODVHJXULGDGVRFLDOZZZ
VHJVRFLDOHVHQ7UDEDMDGRUHV\GHVSXpVHQ3UHVWDFLRQHVVLTXLHUHVDPSOLDU
LQIRUPDFLyQRWLHQHVFXULRVLGDGSRUDOJXQDSUHVWDFLyQGH
PXHUWH\VXSHUYLYHQFLD



?9+$A6?D%9/9$B%/!<9A$A:#!AB




<6< -

 9(

#;":' &$ ' K&#

6LTXLHUHVFRQVXOWDUODDSOLFDFLyQJUDGXDOGHOQXHYRVLVWHPDGHSHQVLRQHVHQWUDHQOD
SiJLQD
ZZZVHJVRFLDOHV
'HEHV HQWUDU HQ HO DSDUWDGR
GH7UDEDMDGRUHV3UHVWDFLRQHV-XELODFLyQ

(QHVWRVPRPHQWRVWUDVODUHIRUPDGHOVLVWHPDGHSHQVLRQHVGHO\VXPRGLFDFLyQGHO
HVWDPRVHQXQ 
 
HQWUHGRVOH\HVTXHUHJXODQHOVLVWHPDGHSHQVLRQHVGH
PDQHUDTXHODUHIRUPDGHODVSHQVLRQHVVHYDD 

       
  I3RUHOORKDEUiMXELODGRVDORVTXHOHVDIHFWDUiODOH\DQWHULRU\RWURVDORVTXHJUDGXDOPHQWHOHVDIHFWDUiODQXHYDOH\KDVWDTXHHVWpLPSODQWDGDDOHQ
(QHVWHHStJUDIHYDPRVDPRVWUDUEUHYHPHQWH (
  GHORVUHTXLVLWRV\FRQGLFLRQHVGH
MXELODFLyQWDQWRGHOVLVWHPDDQWHULRUFRPRGHOTXHH[LJHODUHIRUPDGHO\

6LVWHPD
DQWHULRU

7HQHU4= RELHQDFFHGHUDODMXELODFLyQ 
HQHOFDVRGHORVPD\RUHVGHDxRV
FRQOOHYDQGRXQDUHGXFFLyQHQWUHHO\HOSRUFDGDDxRDQWLFLSDGR
+DEHULHQWUH= = &RQDxRVVHREWLHQHHOGHODSHQVLyQ\FRQDxRV
HO&DGDDxRGHORVDORVVHVXPDXQ\GHORVDORVXQ$TXLHQVLJXH
FRWL]DQGRGHVSXpVGHORVDxRVVHOHVXPDXQDQXDO
3DUDFDOFXODUODEDVHUHJXODGRUDVHWRPDOD
 LHQORV7 = 

5HIRUPD
SHQVLRQHV

&RQFDUiFWHUJHQHUDOWHQHU 4I 9HUHPRVPiVDEDMRWRGDVODV X


HQHOVLVWHPD
JUDGXDOGHMXELODFLyQ
+DEHULHQWUH= I FRQFDUiFWHUJHQHUDO YHUHPRVODVX
 ,JXDOPHQWHFRQDxRVVHREWLHQHHOSHURGHVSXpVVHVXPDSRUFDGDDxRXQDQXDOKDVWDORV
DxRV\PHVHV\XQDQXDOKDVWDORVDxRV
3DUDFDOFXODUODEDVHUHJXODGRUDVHWRPDOD
 LHQORV7 = <
:    %(
  +GHODVSHQVLRQHV"&DGDDxRDXPHQWD
 GHMXELODFLyQVHUHWUDVDyPHVHVSDUDLUSDVDQGRGHORVDORVDxRV
  LSDUD(ODSHQVLyQVHDXPHQWDQFDGDDxRXQDxRPiVSDUDLUSDVDQGRGH
ORV~OWLPRVDxRVFRWL]DGRVHQDORV~OWLPRVDxRVHQHO
5HVSHFWRDORV  LSDUD 
  GFDGDDxRVHSLGHQHQWUH\PHVHVPiVGH
FRWL]DFLyQSDUDSDVDUGHORVDxRVFRWL]DGRVDORVDxRVHQHO
 +   

    I PRGLFDFLyQGHDEULO

0HQRVGH
DxRV
$SDUWLUGH
DxRV
$SDUWLUGH
DxRV
$SDUWLUGH
DxRV
&RQ\DxRV
&RQ
DxRV
DxRV
DxRV

6

6HUHJXODSDUDFLHUWRVWUDEDMRV
  X  %DVtFRPRSRUODSRVLELOLGDGGHMXELODFLyQDQWHVGHORVDxRV6HQHFHVLWDQXQPtQLPRGHDxRVFRWL]DGRV
>(

   XQ(5(RGHVSLGRREMHWLYRSRUFDXVDVHFRQyPLFDVFLHUUHGHOD

HPSUHVDIXHU]DPD\RU6HGHEHQWHQHUDOPHQRVDxRVFRWL]DGRV6HDSOLFDQUHGXFFLRQHVDODSHQVLyQSRUFDGDDxR
DQWLFLSDGR HQWUHHODQXDO\HODQXDOVHJ~QORVDxRVFRWL]DGRV 6HSRGUiFRQDxRVVLKDFRWL]DGRDxRV
>(

 (
  9'HEHWHQHUDxRVFRWL]DGRV6HOHDSOLFDUHGXFFLRQHVDOD
SHQVLyQSRUFDGDDxRDQWLFLSDGR HQWUHHODQXDO\HODQXDOVHJ~QORVDxRVFRWL]DGRV 6HSRGUiFRQDxRVVL
KDFRWL]DGRDxRV
>(
6XSRQHODUHGXFFLyQGHODMRUQDGDGHWUDEDMRHQWUHXQ\XQ RFRQFRQWUDWRGHUHOHYR

LQGHQLGRDWLHPSRFRPSOHWR 3UHFLVDDxRVFRWL]DGRV6HSRGUiFRQDxRVVLVHKDQFRWL]DGRDxRV\PHGLR
>(

VLVHKDQLDOPHQRV@= 'DGHUHFKRDOGHODSHQVLyQ
>(

 Y %
H6HGHEHQKDEHUFRWL]DGRHQWUH\DxRVFRQDxRVVHUHFLEHHO\

FRQDxRVHO
>(
%(VDTXHOODHQODTXHXQWUDEDMDGRUVHMXELODPiVWDUGHGHODHGDGTXHOHWRFD HQWUHDKRUD
\DxRVHQHO GHPDQHUDTXHVHOHDXPHQWDODSHQVLyQXQSRUFDGDDxRTXHWUDEDMDGHPiVXQDYH]SDVDGD
ODHGDGRUGLQDULDGHMXELODFLyQ(OYDUtDHQWUHXQ\XQDQXDO
6HSHUPLWHFRPSDWLELOL]DUODMXELODFLyQFRQHOWUDEDMRDWLHPSRSDUFLDOUHFLELHQGRXQGHODSHQVLyQGHMXELODFLyQ

?9+$A6?D%9/9$B%/!<9A$A:#!AB




: 2 4
-8%,/$&,1
+DOOHJDGRHODxR\KD\YDULRVWUDEDMDGRUHVTXHHVWiQSODQWHiQGRVHODMXELODFLyQFRQODUHIRUPDGHODVSHQVLRQHVTXHKXERHQ
\HQ,QGLFDSDUDORVVLJXLHQWHVFDVRVVtSRGUtDQMXELODUVHDODHGDGTXHSUHWHQGHQVHJ~QORVDxRVTXH\DOOHYDQFRWL]DGRVHQODYLGD
ODERUDO KDEUtDTXHVXPDUXQRVFRPSOHPHQWRVDPtQLPRVTXHVHGDQSRULQFOXLGRV 
D 6RItDGHDxRV\9tFWRUGHDxRVKDQVLGRGHVSHGLGRVSRUXQ(5(SRUPRWLYRVHFRQyPLFRV/OHYDQDxRVFRWL]DGRV
E -RVp0LJXHOGHDxRVKDFRWL]DGRDxRVHQVXYLGDODERUDO
F 0DUtD$PSDURGHDxRVTXLHUHMXELODUVHDQWLFLSDGDPHQWHGHIRUPDYROXQWDULD\KDFRWL]DGRDxRV\/XLVTXHWLHQHDxRV\WDPELpQTXLHUHMXELODUVHGHIRUPDYROXQWDULDKDELHQGRFRWL]DGRDxRV
G 6HUJLRGHDxRVTXLHUHMXELODUVHDWLHPSRSDUFLDOODPLWDGGHODMRUQDGD\KDFRWL]DGRDxRV
"(


D 3DUDMXELODUVHGHIRUPDDQWLFLSDGDSRUFULVLVHPSUHVDULDOKDFHIDOWDWHQHUDxRV\DxRVFRWL]DGRV6RItDQRFXPSOHODHGDG\VtTXHKD
FRWL]DGRPiVGHDxRV9tFWRUVtFXPSOHODHGDG\ORVDxRVGHFRWL]DFLyQ6RItDGHEHUiHVSHUDUVHXQDxRSDUDFXPSOLUHOUHTXLVLWRGHHGDG
E 3XHGHMXELODUVHFRQHOSXHVWLHQHDxRV\KDFRWL]DGRDOPHQRVDxRV
F 0DUtD$PSDURQRSXHGHMXELODUVHGHIRUPDYROXQWDULDSXHVQRWLHQHODHGDGGHDxRVQLKDFRWL]DGRDxRVGHEHUiHVSHUDUVHDxRV
PiVSDUDFRWL]DUDxRV/XLVWLHQHMXVWRODHGDG\ORVDxRVTXHVHUHTXLHUHQSHURVHOHGHVFRQWDUiXQSRUFDGDXQRGHORVGRVDxRV
TXHODDQWLFLSD XQ $GHPiVWDPELpQVHOHUHGXFLUiXQSRUFDGDDxRSRUTXHQRWLHQHDxRVFRWL]DGRVSDUDWHQHUHO
G &XPSOHHOUHTXLVLWRGHHGDGGHDxRVSHURQRHOGHDxRVFRWL]DGRVSXHVQROOHJDDDxRVOHIDOWDQDxRVFRWL]DGRV

< 
(VODSUHVWDFLyQTXHSURWHJHDDTXHOORVWUDEDMDGRUHVTXHSXGLHQGR\TXHULHQGRWUDEDMDUKDQSHUGLGRVXWUDEDMR\UH~QHQORVUHTXLVLWRVTXHVHxDODQODVOH\HVSDUDDFFHGHUDODSUHVWDFLyQ

5HTXLVLWRV

+DEHUFRWL]DGRXQ,
  4 ,HQORV7 4 
(VWDUHQ(
%   ORYHUHPRVPiVDEDMR 
6XVFULELUXQ  HVWRVXSRQHTXHODSHUVRQDHVWiGLVSRQLEOHSDUDEXVFDUHPSOHR
\TXHDFHSWDUiXQDFRORFDFLyQDGHFXDGDDVtFRPRTXHDVLVWLUiDORVFXUVRVGHIRUPDFLyQ\RWUDVDFFLRQHV
IRUPDWLYDV\GHRULHQWDFLyQODERUDO
"ODSUHVWDFLyQHQORV= , 2VLJXLHQWHV6LODSLGHSRVWHULRUPHQWHWHQGUiGRVGHVFXHQWRV
QRWHQGUiHIHFWRUHWURDFWLYRDOGtDTXHGHMyGHWUDEDMDUVLQRTXHHPSH]DUiDFREUDUHQODIHFKDTXHORVROLFLWy
\DGHPiVVHOHGHVFRQWDUiQRWURVWDQWRVGtDVSRUHOUHWUDVRGHVGHHOSULPHUGtDTXHORSRGtDKDEHUVROLFLWDGR
KDVWDTXHORSLGLy

6LWXDFLyQOHJDO






3RUGHODHPSUHVD GHOWLSRTXHVHD VLQQHFHVLGDGGHLPSXJQDUOR


3RUPXHUWHMXELODFLyQRLQYDOLGH]GHO
3RUTXHWHUPLQHOD(
GHOFRQWUDWR
3RUYROXQWDGGHOWUDEDMDGRUHQXQD( 9( FRQVHQWHQFLDMXGLFLDO 
3RUUHVROXFLyQSRUHOHPSUHVDULRGXUDQWHHO   (VLHPSUHTXHHODQWHULRUFRQWUDWRGHOWUDEDMDGRUHVWXYLHVHHQXQDGHODVFLUFXQVWDQFLDVDQWHULRUHV'HORFRQWUDULRGHEHUtDSHUPDQHFHUPHVHV
HQHOSDUR\OXHJRSHGLUOR
3RUDFUHGLWDUODFRQGLFLyQGHYtFWLPDGH
  %5

 MRVGLVFRQWLQXRVHVWiQHQVLWXDFLyQGHGHVHPSOHRGXUDQWHORVSHULRGRVGHQRWUDEDMR
3RU(
  9
HQWUHXQ G (
IGVHWLHQHGHVHPSOHRSDUFLDO
$  
VLWXDFLyQOHJDOGH
(

VDOYRFDXVDMXVWD
&XDQGRHOWUDEDMDGRUFHVD


\HOWUDEDMDGRU
 (DOWUDEDMR
&XDQGRHOHPSUHVDULRRSWDSRUOD

=

?9+$A6?D%9/9$B%/!<9A$A:#!AB




'H :2(   


 
3DUDFDOFXODUODSUHVWDFLyQGHGHVHPSOHRGHEHPRVWHQHUHQFXHQWDORVVLJXLHQWHVSDVRV
 &XiQWRVGtDVVHKDQFRWL]DGRHQORV~OWLPRVDxRV
 &XiOHVVXEDVHUHJXODGRUD
 $SOLFDUORVSRUFHQWDMHVGHO\GHODODEDVHUHJXODGRUD
 &RPSDUDUFRQORVWRSHVPi[LPRV\PtQLPRVDFREUDUVHJ~QHOQ~PHURGHKLMRV
 'HVFRQWDUORFRUUHVSRQGLHQWHDODVHJXULGDGVRFLDO
:2( 
 

97
 8 
D









'HVGH

97 














'tDVFRWL]DGRV

%DVHUHJXODGRUD
3RUFHQWDMH

7RSHVPi[LPR
\PtQLPR

'HVFXHQWRGH
VHJXULGDGVRFLDO

(QIXQFLyQGHORVGtDVTXHVHKDQFRWL]DGRHQORV~OWLPRVDxRVVHWLHQHQGHUHFKRVDWDQWRVGtDVGHSDUR
(QOD  SXHGHVFRQVXOWDUOR3RUHMHPSORSRUDxRFRWL]DGRVH
WLHQHQPHVHVGHSDUR
6HFDOFXODORTXHVHKDL  HQORV7 4 3DUD
HOORVHVXPDQODV%&&3\VHUHVWDQODVKRUDVH[WUDV\VHGLYLGHGHVSXpV
HQWUHGtDV YHUFDVRSUiFWLFRLQIHULRU 
/RVSULPHURVGtDVVHFREUDXQ IGGHODEDVH
$SDUWLUGHOGtDKDVWDHOQDOVHUHGXFHDO=GGHODEDVH
(QIXQFLyQGHO
7  9KD\XQWRSHPi[LPR\PtQLPRGHODFDQWLGDG
DQWHULRUHOFXDOHVWiHQIXQFLyQGHO!-.&)TXHVHHVWDEOH]FDFDGDDxR UHFRUGDUHOWHPDGHQyPLQDV 
VLQKLMRVFRQXQKLMRFRQ
7RSHVPi[LPRVSDUD

RPiVKLMRV
7RSHVPtQLPRVDFREUDUGHSDURVLQKLMRVFRQKLMRV

8QDYH]FRPSDUDGDVHKDFHXQGHVFXHQWRGHVHJXULGDGVRFLDOVREUHODEDVH
GHFRWL]DFLyQTXHGDRULJHQDODSUHVWDFLyQ3RUWDQWRQRVHFRWL]DSRUODFDQWLGDGGHODSUHVWDFLyQVLQRVREUHOD%&&&
(QFRQFUHWRVHFRWL]DXQ6IG  ::DFDUJRHQH[FOXVLYDGHOWUDEDMDGRU

: 2 I
&/&8/2'(35(67$&,1325'(6(03/(2
-RVp$QWRQLRVHKDTXHGDGRHQGHVHPSOHRGHVSXpVGHXQ(5((QORV~OWLPRVDxRVKDEtDWUDEDMDGRGtDVODV~OWLPDVEDVHVGH
FRWL]DFLyQ GHVFRQWDGDVODVKRUDVH[WUDV VXPDQ\WLHQHKLMRVDFDUJR&DOFXODVXSUHVWDFLyQSRUGHVHPSOHR"(

 GtDVVHHQFXHQWUDQHQWUH\SRUORTXHOHFRUUHVSRQGHQGtDVGHSDUR VREUHDxR\PHVHV 
 6XEDVHUHJXODGRUDVHUiODVXPDGHODVEDVHVGLYLGLGDHQWUHGtDV  GtD
 'HORVGtDVDOFREUDUiXQGHODEDVHUHJXODGRUD[ [GtDV DOPHV
'HORVGtDVDOVXSUHVWDFLyQEDMDUiDO[ [GtDV DOPHV
 6HFRPSDUDFRQWRSHVPi[LPRV\PtQLPRVGHKLMRVHOPi[LPRHVSRUORTXHDOVXSHUDUORQRSXHGHFREUDUPiVGHHVWD
FDQWLGDGHQWUHORVGtDV\$SDUWLUGHOGtDVHPDQWHQGUiHQ QRHVLQIHULRUD 
 6HOHGHVFXHQWDODVHJXULGDGVRFLDO
/D%&&&VRQ HQWUHPHVHV [ GHGHVFXHQWR
 /tTXLGRDSHUFLELU
'tDVDO <@R
'tDVDO 34R

4

?9+$A6?D%9/9$B%/!<9A$A:#!AB




#H &X

   (


([WLQFLyQ

6LHOWUDEDMDGRUUPD  
  
  (
DOQDOL]DUpVWHVLJXHFREUDQGRHOSDUR
TXHOHIDOWDED
3HURVLODGXUDFLyQHVGH(
  (DOQDOL]DUWLHQH 

6HJXLUFREUDQGRHOSDURTXHOHIDOWDSRUFREUDUVHJ~QORVFiOFXORVDQWHULRUHV

2ELHQUHFLELUXQQXHYRSDURSRUHOQXHYRWLHPSRWUDEDMDGRVXSHULRUDODxRSHURDOHOHJLUXQRVHSLHUGH

HORWUR

9DFDFLRQHV
SHQGLHQWHV

R +
   
 QRGLVIUXWDGDVDOQDOL]DUHOFRQWUDWRODVLWXDFLyQGHGHVHPSOHR
VHSURGXFHXQDYH]SDVHQORVGtDVGHYDFDFLRQHVFREUDGRVHQHOQLTXLWR5HDOPHQWHHVRVGtDVVHHVWi
GHDOWDHQODHPSUHVD\VHVLJXHFRWL]DQGR

5HFODPDFLyQ
SRUGHVSLGR\





&XDQGRHOWUDEDMDGRUSRQH(
 
  SXHGH   \HVSHUDUVH
DODVHQWHQFLD6LHVIDYRUDEOH\KD\UHDGPLVLyQFRQ  
HOWUDEDMDGRUQRSXHGH
FREUDUDODYH]SDUR\VDODULRVGHWUDPLWDFLyQFRQORTXHVHGHVFXHQWDHOGLQHURGHOSDURFREUDGRLQGHELGDPHQWH\VHFREUDQPHQRVVDODULRVGHWUDPLWDFLyQ
7DPELpQ(    

\VLVHFRQUPDHOGHVSLGRWLHQHGtDVSDUDSHGLUHOSDUR

:H "(  


6LELHQODSUHVWDFLyQSRUGHVHPSOHRHVODPiVFRQRFLGDSRUWUDWDUVHGHOQLYHOFRQWULEXWLYRDO 

 
X (

 
 OODPDGRVXEVLGLRSRUGHVHPSOHRTXHSURWHJHDDOJXQRV
FROHFWLYRVGHWUDEDMDGRUHVHQGHWHUPLQDGRV((  
  
  I= G  ")!
 (
,FRUUHVSRQGHDXQGHO,35(0SDUDHO    64R DOPHV VDOYRTXHVHWHQJDQ
GRVRPiVIDPLOLDUHVDFDUJR 6X (
VXHOHVHUGH 4 VLELHQVHSHUPLWHQSUyUURJDVTXH
SXHGHQOOHJDUKDVWDORVPHVHVHQDOJXQDVFLUFXQVWDQFLDV
6LHVSDUD    == VHSXHGHSURORQJDU     9(
(QHVWHFDVR
SDUDODFDOFXODUODFDUHQFLDGHUHQWDVGHOGHO60,VHWRPDOD
  + SDUDGRFyQ\XJH\PHQRUHVGHDxRVTXHFRQYLYDQHQHOGRPLFLOLR \QRODUHQWDSHUVRQDO

H -
    
(


#;":' &$ ' K&#

6L TXLHUHV FRQRFHU ORV FROHFWLYRV FRQFUHWRV TXH WLHQHQ DFFHVR DO VXEVLGLR GH
GHVHPSOHR \ VX FXDQWtD
SXHGHVHQWUDUHQODSiJLQD
ZZZVHJVRFLDOHVHQ
KWWSZZZVHSHHVFRQWHQLGRSUHVWDFLRQHVDJFKWPO

/RVDXWyQRPRVWLHQHQUHFRQRFLGRGHVGHHODxRHOGHUHFKRDSDURVLQELHQVHGHQRPLQDSUHVWDFLyQ
SRUFHVHGHDFWLYLGDG6XVFDUDFWHUtVWLFDVSULQFLSDOHVVRQ
# 


6HGHEHKDEHUFRWL]DGRSRUHVWDSUHVWDFLyQ(
GGHODEDVHGHFRWL]DFLyQ

-5 
GHOHQXQDxRRGHOHQGRVDxRVVHJXLGRV
$   ([WLQFLyQGHOFRQWUDWRGH(
 

 



  
GHDXWyQRPRVTXHUHDOLFHQIXQFLRQHVGHD\XGDIDPLOLDUHQ
 

%  ( X0
(%\GHMHQGHWUDEDMDUHQHVDHPSUHVD
   R 
9    HQXQDHPSUHVDPHUFDQWLOGHMDQGRDELHUWDODSRVLELOLGDGGH
TXHORVGHPiVVRFLRVFRQWLQ~HQFRQODVRFLHGDG
 8  $OPHQRV (
 
 7 6 /DFXDQWtDGHODSUHVWDFLyQYDUtDHQ

 
IXQFLyQGHORTXHVHKD\DFRWL]DGRHQHVRV~OWLPRVDxRV
&
    VDOYRTXHVHDPD\RUGHDxRVTXHHVPD\RU 
7
3RUDxRFRWL]DGRVRQPHVHV\SRUDxRVVRQPHVHVGHSUHVWDFLyQ6HOHDSOLFD
WDPELpQHODODEDVHUHJXODGRUD

#;":' &$ ' K&#

3XHGHV EXVFDU PiV LQIRUPDFLyQ VREUH HO SDUR GH


DXWyQRPRVHQODVHJXULGDG
VRFLDO ZZZVHJVRFLDOHV
HQ
KWWSZZZVHSHHVFRQWHQLGRSUHVWDFLRQHVDJLKWPO

I

?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
: 2  
'H  %( 
 ([SOLFDHQTXpFRQVLVWHHOSULQFLSLRGHVROLGDULGDGGHODVHJXULGDG
VRFLDO\SRQHMHPSORVUHODFLRQDGRVFRQFDVRVGHEDMDODERUDOGHVHPSOHR\MXELODFLyQ
 ,QGLFDHQTXpUpJLPHQGHODVHJXULGDGVRFLDOGHEHQVHULQFOXLGRV
ORVVLJXLHQWHVWUDEDMDGRUHV
D 8QHPSUHVDULRLQGLYLGXDOTXHWLHQHXQNLRVFRHQHOFXDOWUDEDMDWRGRVORVGtDVGHIRUPDKDELWXDO
E 8QSURIHVRUTXHKDDSUREDGRXQDVRSRVLFLRQHVGHIXQFLRQDULR
F /RVHVWXGLDQWHVGHXQFLFORIRUPDWLYRGH)3PHQRUHVGHDxRV \
TXHQRHVWpQWUDEDMDQGR 
G 8QDDGPLQLVWUDWLYDTXHWUDEDMDDWLHPSRSDUFLDOHQXQDJHVWRUtD
H 8QWUDEDMDGRUPLQHURHQODVPLQDVGHODSURYLQFLDGH/HyQ
I (OVRFLRDGPLQLVWUDGRUGHXQDVRFLHGDGOLPLWDGD
J /DPXMHUGHOIRQWDQHURTXHDWLHQGHHQODWLHQGDORVSHGLGRVGHVHUYLFLRVGHIRQWDQHUtDTXHUHDOL]DVXPDULGR
K 8QHPSUHVDULRLQGLYLGXDOTXHVHGHGLFDDOVHFWRUDJUtFROD
 'RVWUDEDMDGRUDVDFDEDQGHWHQHUXQDFFLGHQWHTXHOHVLPSLGHLU
DWUDEDMDU/DSULPHUDKDWHQLGRHODFFLGHQWHDOGDUVHXQJROSHFRQXQD
PiTXLQD HQ PRYLPLHQWR HQ OD HPSUHVD SRU OR TXH HV DFFLGHQWH GH
WUDEDMR\ODVHJXQGDGXUDQWHHOQGHVHPDQDPLHQWUDVKDFtDVHQGHULVPR4XLpQGDUiODEDMDPpGLFDHQFDGDXQRGHORVFDVRV"

#H %
  
 &DOFXODODFRWL]DFLyQGHODHPSUHVDSRUVHJXULGDGVRFLDODVtFRPR
HOFRVWHHIHFWLYRWRWDOGHFRQWUDWDUDXQWUDEDMDGRUWHPSRUDODWLHPSR
SDUFLDOTXHUHFLEHDOPHVGHVDODULREDVH\GRVSDJDVH[WUDV
DQXDOHVGHFDGDXQDODVFXDOHVHVWiQSURUUDWHDGDVSRU
DOPHV6HOHUHWLHQHXQ,53)GHO6XWDULIDGHSULPDVHVGHO
6HxDODDVLPLVPRODGLIHUHQFLDHQWUHODSHUFHSFLyQGHOVDODULRQHWRTXH
UHFLEHXQWUDEDMDGRU\HOFRVWHHIHFWLYRSDUDODHPSUHVD
  (Q XQD HPSUHVD YDULRV WUDEDMDGRUHV VH KDQ TXHGDGR D UHDOL]DU
KRUDVH[WUDVRUGLQDULDV(QFRQFUHWRWUDEDMDGRUHVKDQUHDOL]DGR
KRUDVPiVHVHPHVFREUDQGRDODKRUDH[WUD/DHPSUHVDQRKD
GHMDGRFRQVWDQFLDGHVXUHDOL]DFLyQHQODQyPLQDSXHVODVKDSDJDGR
HQVREUHDSDUWH
D 4XpFDQWLGDGGHVHJXULGDGVRFLDOQRKDSDJDGRODHPSUHVDSRUQR
GHFODUDUHVWDVKRUDV"<FDGDXQRGHORVWUDEDMDGRUHV"
E 6LDORVWUDEDMDGRUHVVHOHVUHWLHQHXQGH,53)FXiQWRQRVH
KDGHFODUDGRD+DFLHQGDSRUHVWDVKRUDV"
F 6XPDHOWRWDOGHODVFDQWLGDGHVQRGHFODUDGDV
 8QDXWyQRPRTXHHVWiWDPELpQWUDEDMDQGRSRUFXHQWDDMHQD\VH
DFRMDDODEDVHPtQLPDGHFRWL]DFLyQ\TXLVLHUDWHQHUFXELHUWRORPtQLPRFXiQWRSDJDUiGHFXRWDGHDXWyQRPRV"<VLFRWL]DVHSRU
\TXLVLHUDHVWDUSURWHJLGRSRUXQDEDMDSRUFRQWLQJHQFLDVFRPXQHV"

@




:H -

 &DOFXODHOVXEVLGLRSRULQFDSDFLGDGWHPSRUDOWDQWRSRUFRQWLQJHQFLDVFRPXQHVFRPRSURIHVLRQDOHVGHXQWUDEDMDGRUTXHHVWXYLHVHGH
EDMD GHO  GH PD\R DO  GH PD\R 6X VDODULR EDVH PHQVXDO HV GH
WLHQHGRVSDJDVH[WUDVDQXDOHVSURUUDWHDGDVGHDOPHV
5HDOL]yKRUDVH[WUDVHQORV~OWLPRVGRVPHVHVSRUYDORUGH&RPSUXHEDODGLIHUHQFLDGHSUHVWDFLyQ\V~PDOHHOGtDGHODFFLGHQWHDOD
FRQWLQJHQFLDSURIHVLRQDO
 ,QGLFDSDUDFDGDXQRGHORVFDVRVVLJXLHQWHVTXpJUDGRGHLQFDSDFLGDGSHUPDQHQWHVHOHSRGUtDYDORUDU\TXpSUHVWDFLyQUHFLELUtD
D 8QDSpUGLGDGHOGHGRSXOJDUTXHSHUPLWHVHJXLURFXSDQGRHOPLVPR
WUDEDMRDXQTXHDXQPHQRUUHQGLPLHQWR\DTXHWLHQHXQDGLVFDSDFLGDG
GHPiVGHO
E 8QDFFLGHQWHGHWUiFRTXHLPSRVLELOLWDDXQDSHUVRQDPRYHUVH\
HMHUFHU VXFLHQWH IXHU]D OR TXH OH LPSLGH GHVDUUROODU QLQJ~Q WLSR GH
WUDEDMR
F 7UDVXQDFFLGHQWHODERUDOXQWUDEDMDGRUGHDxRVHVWiLPSRVLELOLWDGRSDUDHMHUFHUVXWUDEDMRKDELWXDOSRUODVVHFXHODVSHURSXHGHHMHUFHU
RWURVWUDEDMRV
 8QMRYHQGHDxRVVXIUHODSpUGLGDGHVXVSDGUHVHQXQDFFLGHQWHSRUORTXHVROLFLWDODVSHQVLRQHVGHODVHJXULGDGVRFLDODODVTXH
SXHGDWHQHUGHUHFKR1RHVWiWUDEDMDQGRQLWLHQHLQJUHVRVVXSHULRUHV
DO60,4XpSHQVLRQHVSXHGHVROLFLWDU\SRUTXpFXDQWtD"
 6HxDODSDUDFDGDXQRGHORVVLJXLHQWHVWUDEDMDGRUHVVLSXHGHQ
DFFHGHURQRDODMXELODFLyQHQHODxR\HQVXFDVRDTXpPRGDOLGDG\TXpFDQWLGDGVHOHVGHVFRQWDUtDVLORKLFLHVHQDQWLFLSDGDPHQWH
D 1HXVGHDxRVKDVLGRGHVSHGLGDFRQXQ(5(KDFHPHVHV\
QRHQFXHQWUDWUDEDMR+DFRWL]DGRDxRV
E -RVp0DQXHOGHDxRVTXLHUHMXELODUVHDQWLFLSDGDPHQWH\KDFRWL]DGRDxRV
F (VWHIDQtDGHDxRVTXLHUHMXELODUVHODPLWDGGHODMRUQDGD\KD
FRWL]DGRDxRV
G ,YiQGHDxRVTXLHUHMXELODUVHDQWLFLSDGDPHQWHGHIRUPDYROXQWDULD\KDFRWL]DGRDxRV
H (UQHVWRGHDxRVKDVLGRGHVSHGLGRSRUXQ(5(KDFHPHVHV\
QRHQFXHQWUDWUDEDMR+DFRWL]DGRDxRV\PHGLR
  'RV KHUPDQRV GH  DxRV HVWiQ \D KDFLHQGR ORV FiOFXORV GH
FXiQGRVHSRGUtDQMXELODU3RUORTXHKDQYLVWRODUHIRUPDGHODVSHQVLRQHVGHOOHVSLOODUiFRPSOHWDPHQWHHQYLJRU5RGULJRKDSHQVDGRTXHDORVDxRV\DHVWiELHQSRUORTXHTXLHUHVDEHUWRGDV
ODVFRQGLFLRQHV\SRVLELOLGDGHVSDUDMXELODUVHDHVDHGDGRVLSXHGH
LQFOXVRDQWHV&DUORVPLUDPiVHOGLQHUR\HVWiGLVSXHVWRDHVSHUDUVH
ORTXHKDJDIDOWDFRQWDOGHFREUDUHORLQFOXVRPiV$FRQVpMDOHV
VREUHODVRSFLRQHVTXHWLHQHQ

H 
 &DOFXODODSUHVWDFLyQSRUGHVHPSOHRGHXQWUDEDMDGRUGHVSHGLGR
SRUFDXVDVREMHWLYDVTXHHQORV~OWLPRVDxRVKDFRWL]DGRGtDV
\ODVXPDGHVXV~OWLPDVEDVHVDVFLHQGHD VLQKRUDVH[WUDV 
7LHQHGRVKLMRVDFDUJR




?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$

. 

'H  %( 
 (O SULQFLSLR GH VROLGDULGDG GH OD VHJXULGDG VRFLDO
  

D /RVTXHPiVDSRUWDQDODVHJXULGDGVRFLDO\ORVTXHPHQRV
E /RVTXHQXQFDHVWiQHQIHUPRV\ORVTXHVtORHVWiQ
F /RVTXHWLHQHQWUDEDMR\TXLHQHVORKDQSHUGLGR\ORHVWiQEXVFDQGR
G 7RGDVVRQFLHUWDV

 (QODFRWL]DFLyQGHDXWyQRPRVQRHVFLHUWRTXH
D /RVDXWyQRPRVHOLJHQVXSURSLDEDVHGHFRWL]DFLyQHQWUHXQPi[LPR
\PtQLPDTXHVHMDFDGDDxR
E (O SRUFHQWDMH PtQLPR GH FRWL]DFLyQ VLQ GHUHFKR D FREUDU GH EDMD
ODERUDOHVGHO
F 6L HO DXWyQRPR TXLHUH FREUDU PLHQWUDV HVWp GH EDMD FRWL]DUi SRU

G 6LHODXWyQRPRTXLHUHFREUDUSRUFHVHGHDFWLYLGDGFRWL]DUiXQ
DGLFLRQDO\VHOHUHGXFLUiDOHQ&&

 (OQLYHOQRFRQWULEXWLYRORIRUPDQ

:H -


D /RVHVSDxROHV\VXVIDPLOLDVHQHOH[WUDQMHURTXHQRKDQFRWL]DGR
VXFLHQWHPHQWH

 ,QGLFD FXiO GH ODV VLJXLHQWHV SUHVWDFLRQHV HV QR



(

E /RVHVSDxROHVTXHUHVLGHQHQ(VSDxD\QRKDQFRWL]DGRVXFLHQWHPHQWH

D 3UHVWDFLyQSRUGHVHPSOHR

F /RVHVSDxROHV\H[WUDQMHURVTXHUHVLGHQHQ(VSDxD\QRKDQFRWL]DGRVXFLHQWHPHQWH

F 9LXGHGDG\RUIDQGDG

 6HxDODTXpDUPDFLyQHVIDOVD
D (OUpJLPHQJHQHUDOORIRUPDQWRGRVORVWUDEDMDGRUHVSRUFXHQWDDMHQDTXHQRHVWiQHQQLQJ~QUpJLPHQHVSHFLDO
E /RVWUDEDMDGRUHVPD\RUHVGHDxRVTXHWLHQHQXQDDFWLYLGDGSRU
FXHQWDSURSLDHVWiQHQHOUpJLPHQJHQHUDO
F (O,166HVHORUJDQLVPRTXHUHFRQRFHHOGHUHFKRDXQDSUHVWDFLyQ
GHODVHJXULGDGVRFLDOSHURTXLHQSDJDHVOD7*66
 1RHVXQVHUYLFLRTXHSXHGDQRIUHFHUODVPXWXDVD
ORVWUDEDMDGRUHVGHVXVHPSUHVDVDOLDGDV
D /DDVLVWHQFLDVDQLWDULDHQFDVRGHDFFLGHQWHGHWUDEDMR
E 'DUHOSDUWHGHDOWDHQFDVRGHDFFLGHQWHGHWUDEDMR
F &RODERUDUHQHOSDJRGHXQDEDMDODERUDOGHELGRDXQDHQIHUPHGDG
FRP~Q

E ,QFDSDFLGDGWHPSRUDO
G /DMXELODFLyQ\ODLQFDSDFLGDGSHUPDQHQWH
 3DUDWHQHUGHUHFKRDFREUDUGHEDMDODERUDO ,7 HV


D (VWDUDOLDGR\GHDOWD
E 1RVHSUHFLVDKDEHUFRWL]DGRDQWHV
F $PEDVVRQFLHUWDV
 6LXQWUDEDMDGRUGXUDQWHODVYDFDFLRQHVFRPLHQ]D
(
 9
D (OWLHPSRGHYDFDFLRQHVWUDQVFXUUH\QRVHUHFXSHUDUiQORVGtDVGH
YDFDFLRQHVTXHHVWpGHEDMD
E 6HLQWHUUXPSLUiQODVYDFDFLRQHV\GLVIUXWDUiHVRVGtDVGHYDFDFLRQHVSRVWHULRUPHQWH
F $PEDVVRQIDOVDV

G 'DUGHEDMD\DOWDHQXQDHQIHUPHGDGFRP~Q

 &XDQGRXQWUDEDMDGRUHVWiGHEDMDSRU,7FREUDUi

#H %
  

D 6LHVSRUHQIHUPHGDGFRP~QQRFREUDUiQDGDORVGRVSULPHURVGtDV

 ,QGLFDFXiOHVFLHUWD

E 6LHVSRUDFFLGHQWHGHWUDEDMRHOGtDGHODFFLGHQWHFREUDXQ

D /DDOLDFLyQVHUHDOL]DFDGDYH]TXHVHUPDXQFRQWUDWRGHWUDEDMR

F 6LHVSRUDFFLGHQWHGHWUDEDMRDSDUWLUGHOGtDVLJXLHQWHFREUDUiXQ


E /DEDMDVHUHDOL]DDOQDOL]DUHOFRQWUDWRGLVSRQLHQGRODHPSUHVDGH
GtDVQDWXUDOHVGHVGHHOQGHOFRQWUDWR

G 6LHVSRUHQIHUPHGDGFRP~QFREUDUiXQGHODOGtDSDJiQGRORODHPSUHVD

F /DHPSUHVDLQJUHVDUiODVFXRWDVGHVHJXULGDGVRFLDOHQHOPLVPR
PHVGHODQyPLQDTXHFRUUHVSRQGH

 6LXQWUDEDMDGRUQRSXHGHUHDOL]DUODVWDUHDVKD0
(  ( +
 ( L 
9 
2 (


 /DV HPSUHVDV SDJDQ SRU VHJXULGDG VRFLDO GH ORV


9 
 



D ,QFDSDFLGDGSHUPDQHQWHSDUFLDO

D 8QGHOD%&&&SRUFRQWLQJHQFLDVFRPXQHV

E ,QFDSDFLGDGSHUPDQHQWHWRWDO

E 8QGHOD%&&3SRUGHVHPSOHRHQWUDEDMDGRUHVWHPSRUDOHV

F ,QFDSDFLGDGSHUPDQHQWHDEVROXWD

F 8QGHOD%&&3DO)2*$6$

G *UDQLQYDOLGH]

3

?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
. 

 5HVSHFWRDODSHQVLyQGHYLXGHGDG
D 1RHVFRPSDWLEOHFRQHOWUDEDMRGHODSHUVRQDYLXGD
E 6DOYRDOJXQDVVLWXDFLRQHVGHFDUHQFLDVGHUHQWDVVHSLHUGHVLYXHOYHDFDVDUVH




F 'HEHUiVROLFLWDUODHQORVGtDVKiELOHVVLJXLHQWHVVLVHUHWUDVDVH
HPSH]DUi D FREUDUOR D SDUWLU GHO GtD TXH OR VROLFLWH \ DGHPiV VH
OHGHVFRQWDUiWDQWRVGtDVFRPRUHWUDVRGHVGHHOSULPHUGtDTXHOR
SRGtDKDEHUVROLFLWDGR
 1RVHHQFXHQWUDHQVLWXDFLyQOHJDOGHGHVHPSOHR

F &REUDXQGHODEDVHUHJXODGRUDHQWRGRVORVFDVRV

D 8QWUDEDMDGRUGHVSHGLGRSRUGHVSLGRGLVFLSOLQDULRSRUIDOWDVDOWUDEDMRVLQMXVWLFDU

 5HVSHFWRDODSHQVLyQGHRUIDQGDG

E 8QWUDEDMDGRUDOTXHVHOHWHUPLQDHOFRQWUDWRGHPHVHV

D 6RODPHQWHWLHQHQGHUHFKRORVPHQRUHVGHDxRV

F 8QWUDEDMDGRUTXHSLGHODGLPLVLyQFRQHOSUHDYLVRGHGtDVTXH
LQGLFDHOFRQYHQLR

E (Q HO  SXHGH DPSOLDUVH KDVWD ORV  DxRV VL HO KXpUIDQR QR
WUDEDMDVHRVXVLQJUHVRVIXHVHQPHQRUHVGHO60,DQXDO

G 1LQJXQDHVFLHUWDWRGDVVRQVLWXDFLRQHVOHJDOHVGHGHVHPSOHR

F 6HFREUDXQGHODEDVHUHJXODGRUD

 5HVSHFWRDOFREURGHOGHVHPSOHRHVFLHUWRTXH

G 6LQRTXHGDVHYLXGRRYLXGDHOGHODYLXGHGDGVHDFXPXODDOD
SHQVLyQGHRUIDQGDG

D $SDUWLUGHOGtDVHUHGXFHGHODOGHODEDVHUHJXODGRUD

 8QRGHORVFDPELRVGHOQXHYRVLVWHPDGHMXELOD0
FLyQHVTXH

F /DSUHVWDFLyQGHGHVHPSOHRQRFRWL]DDODVHJXULGDGVRFLDO

D 6HYDDLPSODQWDUGHIRUPDSURJUHVLYDKDVWDHO

E +D\XQWRSHPi[LPR\PtQLPRHQIXQFLyQGHOWDPDxRGHODHPSUHVD

 ,QGLFDTXpDUPDFLyQHVIDOVD

E /DHGDGRUGLQDULDGHMXELODFLyQVHKDLQFUHPHQWDGRGHDDxRV

D 6LVHFREUDQYDFDFLRQHVQRGLVIUXWDGDVHQHOQLTXLWRKD\TXHHVSHUDUVHDTXHSDVHQHVRVGtDVSDUDSRGHULUDVROLFLWDUHOSDUR

F 3DUDFDOFXODUODEDVHUHJXODGRUDVHWRPDODPHGLDGHORV~OWLPRV
DxRVHQOXJDUGHORV~OWLPRVDxRV

E 6LWHGHVSLGHQ\SRQHVXQDGHPDQGDHQHO-X]JDGRGHOR6RFLDO
GHEHVHVSHUDUWHDODVHQWHQFLDSDUDSHGLUHOSDUR

G 7RGDVVRQFLHUWDV

F 6L WLHQHV XQ SDUR SHQGLHQWH GH FREUDU GH  PHVHV \ HQ HVH PRPHQWRHQFXHQWUDVWUDEDMRSRUDxRDOQDOL]DUHVHFRQWUDWRGHEHV
HOHJLUHQWUHHOSDURDQWHULRUSHQGLHQWHGHPHVHVRHOQXHYRSDUR
JHQHUDGRSRUHOFRQWUDWRGHXQDxR

 8QWUDEDMDGRUFRQDxRV\DxRVFRWL]DGRVHQ
  I 2 
D 8QDMXELODFLyQRUGLQDULDFRQHO
E 8QDMXELODFLyQDQWLFLSDGDYROXQWDULD\DTXHKDFRWL]DGRDxRV
F 8QDMXELODFLyQDQWLFLSDGDVRORHQFDVRGHFULVLVHPSUHVDULDO\DTXH
WLHQHPiVGHDxRV\DOPHQRVDxRVFRWL]DGRV
G 8QD MXELODFLyQ SDUFLDO SXHV DXQTXH WLHQH PHQRV GH  DxRV KD
FRWL]DGRDOPHQRVDxRV

H 
 3DUDWHQHUGHUHFKRDFREUDUODSUHVWDFLyQSRUGHV0
HPSOHRVHWLHQHTXH
D +DEHUFRWL]DGRDOPHQRVPHVHVHQORV~OWLPRVDxRV
E +DEHUFRWL]DGRDOPHQRVDxRHQORV~OWLPRVDxRV
F +DEHUFRWL]DGRDOPHQRVDxRVHQORV~OWLPRVDxRV
G 7RGDVVRQIDOVDV
 3DUDWHQHUGHUHFKRDFREUDUODSUHVWDFLyQSRUGHV0
HPSOHRKD\TXHWHQHUFXLGDGRHQORVSOD]RVHQ



G 7RGDVVRQIDOVDV
 5HVSHFWRDOVXEVLGLRSRUGHVHPSOHRHVFLHUWRTXH
D 3DUD DFFHGHU D pO HV SUHFLVR FDUHQFHU GH UHQWDV WRPDQGR FRPR
UHIHUHQFLDHOGHO60,
E 3DUDHODxRKDVLGRGH
F 3DUDPD\RUHVGHDxRVVHWRPDFRPRUHIHUHQFLDHOGHO60,
GHODUHQWDIDPLOLDULQFOX\HQGRODVUHQWDVGHOGHVHPSOHDGRVXFyQ\XJH H KLMRV PHQRUHV GH  DxRV TXH FRQYLYDQ HQ HO GRPLFLOLR \
GLYLGLHQGRSRUHOQ~PHURGHPLHPEURV
G 7RGDVVRQFLHUWDV
 5HVSHFWRDODSUHVWDFLyQSRUFHVHGHDFWLYLGDGGH
 (

D (VXQDSUHVWDFLyQTXHVHHTXLSDUDDODSUHVWDFLyQSRUGHVHPSOHRGH
ORVWUDEDMDGRUHVSRUFXDQWDDMHQDFREUDQGRODVPLVPDVFDQWLGDGHV
E 'HEHKDEHUFRWL]DGRDQWHULRUPHQWHDOPHQRVDxRHQORV~OWLPRV
DxRVSRUFHVHGHDFWLYLGDG

D 'HEHUiVROLFLWDUODHQORVGtDVKiELOHVVLJXLHQWHV

F 8QRGHORVVXSXHVWRVHVHOGHSpUGLGDVHFRQyPLFDVGHOHQXQ
DxRRGHOHQGRVDxRVVHJXLGRV

E 'HEHUiVROLFLWDUODHQORVGtDVKiELOHVVLJXLHQWHVVLVHUHWUDVDVH
HPSH]DUiDFREUDUORDSDUWLUGHOGtDTXHORVROLFLWH

G (OPi[LPRGHWLHPSRGHFREUDUODSUHVWDFLyQSRUFHVHGHDFWLYLGDG
HVGHPHVHV






?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
(172512/$%25$/

(PSOHRUHGXFLUiODSUHVWDFLyQGHORVTXHHVWpQHQSDURPiVGHPHGLRDxR)8(17((O3DLV
(Q(VSDxDJDVWDEDFDVLPLOORQHVHQSURWHFFLyQFRQWUDHOSDUR6REUDEDGLQHURGHORTXHVHUHFDXGDEDSDUDHOVHJXURSRUGHVHPSOHR(ODxR
SDVDGRHOJDVWRVHDFHUFyDORVPLOORQHV<WRGRDSXQWDDTXHHVWHDxRHOJDVWRVHUiVLJQLFDWLYDPHQWHPD\RU1LTXpGHFLUWLHQHTXHQRKDEUiVXFLHQWH
FRQORTXHVHUHFDXGHGHFXRWDVVRFLDOHV\TXH+DFLHQGDWHQGUiTXHSRQHUORTXHIDOWH3DUDUHEDMDUHVDIDFWXUDHO*RELHUQRKDGHFLGLGRUHFRUWDUSRUODSDUWH
PiVYROXPLQRVDODVSUHVWDFLRQHVFRQWULEXWLYDVODSDJDTXHVHFREUDGXUDQWHXQPi[LPRGHGRVDxRVQDGDPiVSHUGHUHOHPSOHR
3DUDKDFHUORHOSUHVLGHQWHGHO*RELHUQRDQXQFLyD\HUTXHUHEDMDEDDOODSUHVWDFLyQSRUGHVHPSOHRDSDUWLUGHOVpSWLPRPHVHQSDUR$KRUDFXDQGR
DOJXLHQVROLFLWDFREUDUHOSDURORTXHVHKDFHHVFDOFXODUODEDVHUHJXODGRUDPHGLDGHORV~OWLPRVGtDVFRWL]DGRV/DSDJDTXHUHFLELUiHOVROLFLWDQWHGXUDQWH
HOSULPHUPHGLRDxRVHUiHO\DSDUWLUGHOVpSWLPRPHVEDMDDO&RQHODQXQFLRGHD\HUFDHUiKDVWDHO6HJ~QODVSDODEUDVGHOSUHVLGHQWHGHO
*RELHUQRHVWDPHGLGDVRORDIHFWDUiDORVQXHYRVSDUDGRV\QRDTXLHQHV\DHVWiQFREUDQGR
'HODQiOLVLVGHOQ~PHURDFWXDOGHEHQHFLDULRVGHSUHVWDFLRQHVSRUGHVHPSOHRVHSXHGHFRQFOXLUTXHDIHFWDUiDXQQ~PHURPX\LPSRUWDQWHGHSDUDGRV
(QDEULO~OWLPRPHVGLVSRQLEOHFRQHVWDVFLIUDVPLOORQHVGHEHQHFLDULRVGHSUHVWDFLRQHVFRQWULEXWLYDVHVWDEDQHQSDURGXUDQWHDOPHQRVPHGLRDxR(O
0LQLVWHULRGH(PSOHRPDWL]DHVWRVGDWRV$SXQWDTXHFRPRQRVHPRGLFDODSUHVWDFLyQPtQLPD DOPHV XQGHORVIXWXURVSHUFHSWRUHVQRUHVXOWDUiQ
DIHFWDGRV$SHVDUGHODH[HQFLyQHOUHVXOWDGRGHHVWDPHGLGDVHUiODUHEDMDGHODFXDQWtDPHGLDGHHVWDSDJDTXHDKRUDVHVLW~DHQPHV
6HJ~QHOSUHVLGHQWHGHO*RELHUQRORTXHVHSHUVLJXHHVDQLPDUODE~VTXHGDDFWLYDGHWUDEDMR'LFHODWHRUtDHFRQyPLFDRUWRGR[DTXHVLXQSDUDGRFREUD
XQDSUHVWDFLyQEDMDGXUDQWHSRFRWLHPSRWLHQHPiVHVWLPXORVSDUDEXVFDUHPSOHR&ODURTXHHVWDWDUHDVHFRPSOLFDPXFKtVLPRHQSOHQDUHFHVLyQFXDQGRQR
VHFUHDQSXHVWRVGHWUDEDMRVLQRTXHVHGHVWUX\HQ'$726/DIDFWXUDGHOVHJXURSRUGHVHPSOHR PHVGHPD\R 

*DVWRVHQGHVHPSOHRSRUWLSRGHVXEVLGLR PLOORQHV
3UHVWDFLyQFRQWULEXWLYD
6XEVLGLRGHVHPSOHR
5HQWDDFWLYDGHLQVHUFLyQ
6XEVLGLRDJUDULR

'HVHPSOHDGRVSRUWLHPSRGHSUHVWDFLyQDFREUDU 0

PLOORQHV  6LQSUHVWDFLyQGHGHVHPSOHR


PLOORQHV   3HUFHSWRUHVGHODSUHVWDFLyQ
PLOORQHV  +DVWDPHVHVGHSDUR
PLOORQHV  0iVGHPHVHVGHSDUR

SDUDGRVLQVFULWRV
SDUDGRVFREUDQSDUR
SDUDGRV
SDUDGRV

D 4XpPHGLGDVHKDWRPDGRSDUDUHGXFLUHOSUHVXSXHVWRSRUGHVHPSOHR"$TXLpQHVDIHFWDUiHVWDPHGLGD"
E )tMDWHHQODWDEODHLQGLFD&XiQWRVSDUDGRVLQVFULWRVHQHO,1(0QRFREUDQODSUHVWDFLyQGHGHVHPSOHR"<FXiQWRVODFREUDQ"'HORVTXH
FREUDQODSUHVWDFLyQFXiQWRVFREUDQKDVWDPHVHVGHSDUR"<FXiQWRVPiVGHPHVHV"(QFXiQWRHVWiODSUHVWDFLyQPHGLDDOPHV"
F 4XpHVORTXHVHSHUVLJXHFRQHVWDUHIRUPD"4XpGLFHODWHRUtDHFRQyPLFDRUWRGR[DDOUHVSHFWR"3RUTXpHODUWtFXORGHHQGHTXHHVGLItFLO
DSOLFDUHVDWHRUtDHFRQyPLFDDKRUD"

N& )!   



 %  9(
  
L  O )8(17((O3DLV
$<   =
(OHQYHMHFLPLHQWRGHODSREODFLyQHVXQUHWRFRQRFLGR(O)0,UHFODPDTXHVHUHFRUWHQODVSUHVWDFLRQHV\VHUHWUDVHODHGDGGHMXELODFLyQDQWHHOULHVJRGHOD
TXHODJHQWHYLYDPiVGHORHVSHUDGRVHJ~QGLFHFRQFUXGH]D(VORTXHORVHFRQRPLVWDVEDMRODEDWXWDGHOHVSDxRO-RVp9LxDOVOODPDQULHVJRGHORQJHYLGDG
<GDQXQDFLIUDSDUDSRQHUHQFRQWH[WR6LHOSURPHGLRGHYLGDDXPHQWDWUHVDxRVPiVGHORSUHYLVWRSDUDHOFRVWHGHOHQYHMHFLPLHQWRTXH\DHVHQRUPH
SDUDORVJRELHUQRVODVHPSUHVDVDVHJXUDGRUDV\SDUWLFXODUHVDXPHQWDUtDXQHQODVHFRQRPtDVDYDQ]DGDVWRPDQGRFRPRUHIHUHQFLDHO3,%GH
(QWpUPLQRVDEVROXWRVVHGLVSDUDUtDHOFRVWHSUHYLVWRHQGHFHQDVGHELOORQHVGHGyODUHVDHVFDODJOREDO(VRVXSRQHXQDDPHQD]DSDUDODVRVWHQLELOLGDGGH
ODVQDQ]DVS~EOLFDVDOGLVSDUDUORVQLYHOHVGHHQGHXGDPLHQWRS~EOLFRHQXQDSURSRUFLyQVLPLODU(QSDUDOHORHVXQULHVJRSDUDODVROYHQFLDGHODVHQWLGDGHV
SULYDGDV 6HJ~Q H[SOLFD HQ VX LQIRUPH HO SURSLR 9LxDOV YLYLU PiV HV EXHQR SHUR FRQOOHYD XQ ULHVJR QDQFLHUR LPSRUWDQWH 1RV YD D FRVWDU PiV FRPR
LQGLYLGXRVDODVFRUSRUDFLRQHV\DORVJRELHUQRV3RUHVRGHEHPRVSUHRFXSDUQRVDKRUDSRUORVULHVJRVGHODORQJHYLGDGSDUDTXHORVFRVWHVQRQRVDWRVLJXHQ
HQXQIXWXUR6HJ~QHO)0,ORTXHKDFHFDPELDUORVFiOFXORVHVODHVSHUDQ]DGHYLGDFXDQGRVHWLHQHDxRV(QOOHJDUiDORVDxRVFXDQGRHQ
HVGHDxRV\HQHUDGHDxRV$OYLYLUPiVODSREODFLyQ GHVSXpVGHORVDxRV WHQGUiTXHSDJDUVHPiVHQSHQVLRQHV\SUHVWDFLRQHVGHOD
VHJXULGDGVRFLDO
(O)0,SLGHDFWXDUFXDQWRDQWHV3DUDHOUHWUDVRGHODHGDGGHMXELODFLyQSURSRQHTXHVHOLJXHDODHVSHUDQ]DGHYLGDGHPRGRTXHHOQ~PHURGHDxRVHQTXH
ORVMXELODGRVFREUDQODSHQVLyQQRDXPHQWH/DUHFLHQWHUHIRUPDGHSHQVLRQHVHQ(VSDxDTXHDODUJDDORVDxRVGHIRUPDSURJUHVLYD\DSUHYpXQPHFDQLVPR
GHHVWHWLSROODPDGRIDFWRUGHVRVWHQLELOLGDGSRUHOFXDOIDFWRUHVFODYHDWHQHUHQFXHQWDHQHOVLVWHPDGHSHQVLRQHV FRPRODHGDGGHMXELODFLyQ VHUHYLVHQ
FDGDDxRVDSDUWLUGHOHQIXQFLyQGHODXPHQWRGHODHVSHUDQ]DGHYLGD
3HURHVHUHWUDVRQREDVWD(O)0,FUHHTXHKD\TXHWRPDUPiVPHGLGDVHQWUHHOODVHOUHFRUWHGHODVSHQVLRQHV\ODSRVLELOLGDGGHTXHORVHVWDGRVFRQWUDWHQ
FRQDVHJXUDGRUDVSULYDGDVHOULHVJRGHTXHODJHQWHYLYDPiVWLHPSRGHOHVSHUDGR$VtHOLQIRUPHSODQWHDTXHVHUHFXUUDDOPHUFDGRGHFDSLWDOHVSDUDTXH
VHWUDQVHUDHOULHVJRGHODORQJHYLGDGGHORVSODQHVGHSHQVLRQHVDODVLQVWLWXFLRQHVTXHWLHQHQPiVFDSDFLGDGSDUDJHVWLRQDUOR3RU~OWLPRWDPELpQSODQWHD
TXHORVSURSLRVLQGLYLGXRVDXPHQWHQVXVDKRUURVDWUDYpVGHSODQHVGHSHQVLRQHV  \WDPELpQDSR\DHOXVRGHKLSRWHFDVLQYHUVDVSRUODVTXHODFDVDHQ
SURSLHGDGVHHQWUHJDHQHOPRPHQWRGHOIDOOHFLPLHQWRDFDPELRGHUHFLELUKDVWDHVHPRPHQWRXQDUHQWDSRUHOOD
D $TXpOODPDQDOJXQRVHFRQRPLVWDVHOULHVJRGHORQJHYLGDG"(QTXpFRQVLVWHXQLUODSHQVLyQDODHVSHUDQ]DGHYLGD"
E 4XpRWUDVPHGLGDVSURSRQHUHVSHFWRDORV(VWDGRV\DODVSHUVRQDVFRPRSODQHVHKLSRWHFDV"4XpRSLQDVVREUHHVWDVPHGLGDV"



?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

& ;1;. & '" -&$"! $&" & >;#!':!U$


 


 2

%

-

  
%



>         7  


       #&    
  
 )*?*   I
8QDSRVWXUDJHQHUDOL]DGDHVTXHHOVLVWHPDS~EOLFRGHSHQVLRQHV
VHHQFXHQWUDDQWHXQJUDQUHWRSRUODWUDQVLFLyQGHPRJUiFDFRQ
XQFUHFLPLHQWRPX\DFHQWXDGRGHODSREODFLyQDQFLDQDTXHKDFH
GLItFLOVRVWHQHUHOVLVWHPDGHSHQVLRQHVS~EOLFDVORFXDODOFDQ]DUi
XQQLYHOLQVRVWHQLEOHHQ
7DO SUHRFXSDFLyQ VH EDVD HQ HO VXSXHVWR GH TXH DO KDEHU PiV
DQFLDQRV\PHQRVMyYHQHVHVWRV~OWLPRVQRSRGUiQVRVWHQHUODV
SHQVLRQHVGHORVSULPHURV7DPELpQVHDxDGHTXHHOQ~PHURGH
DxRVGHYLGDSRUSHQVLRQLVWDWDPELpQHVWiDXPHQWDQGR DOFUHFHU
ODHVSHUDQ]DGHYLGD FRQORTXHHOJDVWRS~EOLFRHQSHQVLRQHVVH
HVWiGLVSDUDQGRORTXHORKDUiLQVRVWHQLEOH
(VWRV DUJXPHQWRV VLQ HPEDUJR QR WLHQHQ HQ FXHQWD YDULRV KHFKRV8QRGHHVSHFLDOLPSRUWDQFLDHVHODXPHQWRGHODSURGXFWLYLGDG8QWUDEDMDGRUGHQWURGHDxRVSURGXFLUiPXFKRPiVTXH
XQ WUDEDMDGRU GH DKRUD +DFH  DxRV HO  GH ORV HVSDxROHV
WUDEDMDEDQHQODDJULFXOWXUDKR\VRORORKDFHHO6LQHPEDUJR
HVWH  SURGXFH PXFKR PiV GH OR TXH SURGXFtD KDFH  DxRV
HOTXHWUDEDMDEDHQODDJULFXOWXUD6HKDEUtDSHUFLELGRFRPR
DODUPLVWDVLORVHFRQRPLVWDVKXELHUDQHVFULWRTXHFRPRORVWUDEDMDGRUHVHVWDEDQDEDQGRQDQGRHOFDPSRKDEUtDPHQRVSURGXFFLyQ
GHDOLPHQWRVFRQORFXDODOFDERGHDxRVODJHQWHHQ(VSDxD
PRULUtDGHKDPEUH
3XHV VXVWLWX\DQ DOLPHQWRV SRU SHQVLRQHV \ YHDQ HO SRVLEOH HUURU
TXHVLJQLFDDODUPDUDODFLXGDGDQtDDUJXPHQWDQGRTXHGHQWURGH
DxRVQRKDEUiVXFLHQWHVWUDEDMDGRUHVSDUDVRVWHQHUDODVSHQVLRQHV(VPiVTXHSUREDEOHTXHXQWUDEDMDGRUSURGXFLUiFDVLHO
GREOHHQTXHDKRUDFRQORFXDOSRGUtDPDQWHQHUFDVLHOGREOH
GHSHQVLRQLVWDV
6LHO3,%FUHFLHUDXQDODxRTXHHVHOSURPHGLRGHORTXH
YLHQHFUHFLHQGRHQORV~OWLPRVDxRVHO3,%GH(VSDxDHQ
VHUtDYHFHVPD\RUTXHHQ HQPRQHGDVFRQVWDQWHVHV
GHFLUPDQWHQLHQGRODFDSDFLGDGDGTXLVLWLYDUHDOKDEUiGREODGROD
DFWXDO  6L HQ SHQVLRQHV QRV JDVWDPRV HQ  XQ  GHO 3,%
GHMDQGRSDUDORVQRSHQVLRQLVWDVXQHQHOQRVJDVWDUHPRVXQGHHVGHFLUSXQWRVHQSHQVLRQHVTXHGDQGR
SDUD ORV QR SHQVLRQLVWDV  SXQWRV PXFKRV PiV GH ORV  GH
(QUHDOLGDGKDFHDxRVQRVJDVWiEDPRVHOGHO3,%
HQSHQVLRQHV\HQHOHOKHPRVFDVLWULSOLFDGRHOJDVWR
HQSHQVLRQHV\ORVUHFXUVRVSDUDORVQRSHQVLRQLVWDVWDPELpQKDQ
DXPHQWDGRSXHVHOWDPDxRGHODWDUWDHVPXFKRPD\RUDKRUDTXH
KDFHDxRV
)XHQWH9LFHQo1DYDUUR([WUDFWRGHODUWtFXORGH(O3DtV

/D~OWLPDUHIRUPDIXHSRVLWLYDSHURQRVXFLHQWH(OJDVWR
  45%@+A5
HQ\\DHVXQJUDQHVIXHU]RSDUDORVMyYHQHVGHKR\
B      I
/DVROLGDULGDGHQWUHJHQHUDFLRQHVVLHPSUHKDH[LVWLGR&XDQGRQRKDEtDVLVWHPDVS~EOLFRVGHVHJXULGDGVRFLDOORVSDGUHVVHRFXSDEDQGH
FULDU\HGXFDUDVXVKLMRV\ORVKLMRVFXLGDEDQGHVXVSDGUHVFXDQGR
HVWRVQRSRGtDQYDOHUVHSRUVtPLVPRV
+R\QRVHQFRQWUDPRVFRQXQSUREOHPDVHULRGHVROLGDULGDGLQWHUJHQHUDFLRQDOHQ(VSDxD/RVTXHQDFLPRVHQWUH\ODJHQHUDFLyQ
GHODVIDPLOLDVQXPHURVDVWXYLPRVPD\RUHVRSRUWXQLGDGHVGHHQFRQWUDUHPSOHRHQXQSDtVFRQODSREODFLyQHQHGDGGHWUDEDMDUGLH]PDGDSRUOD*XHUUD&LYLO\FRQHVFDVRFDSLWDOKXPDQR3RVWHULRUPHQWH
QXHVWURVKLMRVKDQVLGRXQQ~PHURPHQRUTXHHOGHQXHVWURVSDGUHV\
DXQTXHKD\DQFRQVHJXLGRXQDPD\RUQLYHOGHHGXFDFLyQOHKDFRVWDGR
PXFKRPiVFRQVHJXLUHPSOHRDOKDEHUPXFKDPD\RUFRPSHWHQFLD\
GHFRQVHJXLUORKDVLGRPD\RULWDULDPHQWHSUHFDULR\WHPSRUDOSDVDQGR
ODUJRVSHULRGRVVLQWUDEDMR+R\HOGHORVMyYHQHVHQWUH\
DxRVHVWiGHVHPSOHDGRFXDQGRODWDVDWRWDOGHGHVHPSOHRHVODPLWDG
DGHPiVPXFKRVGHHOORVVRQPLOHXULVWDV
3RURWURODGRQXHVWUDJHQHUDFLyQWLHQHXQDHVSHUDQ]DGHYLGDPXFKtVLPRPD\RUTXHODVDQWHULRUHVVLQHPEDUJRHVWDPRVMXELOiQGRQRVD
HGDGHVPX\WHPSUDQDVSDUDQXHVWUDFUHFLHQWHHVSHUDQ]DGHYLGD
/DHGDGREOLJDWRULDGHMXELODFLyQDORVDxRVVHLQWURGXMRHQ(VSDxD
HQFXDQGRODHVSHUDQ]DGHYLGDPHGLDDOQDFHUHUDGHDxRV
(QODHVSHUDQ]DGHYLGDHVGHDxRV,QFRPSUHQVLEOHPHQWH
OD HGDG GH MXELODFLyQ REOLJDWRULD FRQWLQ~D VLHQGR D ORV  DxRV \ OD
HGDGPHGLDHIHFWLYDGHMXELODFLyQHVGHDxRVKDFLHQGRLQVRVWHQLEOHHOVLVWHPDDODUJRSOD]R
&UHRTXHHVWDPRVPRVWUDQGRSRFDVROLGDULGDGLQWHUJHQHUDFLRQDO
  3ULPHUR SRUTXH OD JHQHUDFLyQ GH QXHVWURV KLMRV PX\ LQIHULRU HQ
Q~PHURDODQXHVWUDPX\PLOHXULVWD\FRQHOHYDGRGHVHPSOHRWLHQH
DKRUDTXHSDJDUQXHVWUDVSHQVLRQHVORTXHOHVVXSRQGUiXQHQRUPH
HVIXHU]RDQXDOGHDKRUUR\XQLPSXHVWRDxDGLGRVREUHVXVLQJUHVRV
 3RUTXHQRTXHUHPRVWUDEDMDUPiVDxRVSDUDFRPSHQVDUQXHVWUD
PD\RUHVSHUDQ]DGHYLGD\UHGXFLUDVtHOH[DJHUDGRHVIXHU]RQDQFLHUR
TXHHOORVWHQGUiQTXHKDFHU
 3RUTXHQRDFHSWDPRVTXHSXHGDDPSOLDUVHHOFyPSXWRGHOFiOFXOR
GHODSHQVLyQSDVDQGRGHODVFRWL]DFLRQHVGHORV~OWLPRVDxRVGH
WUDEDMRDODVGHWRGDODYLGDODERUDOFRPRHQPXFKRVSDtVHVHXURSHRV
  3RUTXH TXHUHPRV LQGH[DU LJXDODU OD VXELGD  QXHVWUDV SHQVLRQHV
DO,3&FXDQGRODJHQHUDFLyQTXHWLHQHTXHSDJDUODVHVWiDGPLWLHQGR
IXHUWHV UHFRUWHV GH VXV UHWULEXFLRQHV SDUD HYLWDU HO GHVHPSOHR \ VXV
VDODULRVHVWiQGHFUHFLHQGRQRWDEOHPHQWH
)XHQWH*XLOOHUPRGHOD'HKHVD([WUDFWRGH(O3DtV

$&7,9,'$''('(%$7(4XpRSLQLyQWHVXVFLWDQHVWRVGRVDUWtFXORV"+DEUiGLQHURSDUDODVSHQVLRQHV"4XpFUHHVTXHKD\TXHKDFHU"



?  @

!
  
E
  

: $1&$! "
1  
*"
 


'DxRVDODVDOXGGHOWUDEDMDGRU
2:  
 
  



#>&1!? "
9LQFXODUODH[LVWHQFLDGHIDFWRUHVGHULHVJRFRQODDSDULFLyQGHGDxRV
09 
 
  
 

&RQRFHUORVGDxRVTXHVHSURGXFHQSRUODH[LVWHQFLDGHULHVJRV
6DEHUTXpPHGLGDVGHSUHYHQFLyQ\SURWHFFLyQSXHGHQDSOLFDUVH
0/ 

  
7 
 C    

ODVUHVSRQVDELOLGDGHVGHHPSUHVDULRV\WUDEDMDGRUHV

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




< :
  (
%LHQHVWDUItVLFR

/D2UJDQL]DFLyQ0XQGLDOGHOD6DOXG 206 GHQH%    


 
ItVLFRPHQWDO\VRFLDOFRPSOHWR\QRVLPSOHPHQWHODDXVHQFLDGHGDxRRHQIHUPHGDG

'HHVWDGHQLFLyQGHVWDFDPRVTXHODVDOXGODERUDO\DQRVXSRQH~QLFDPHQWHODDXVHQFLDGHHQIHUPHGDG
VLQRTXH
(   

%LHQHVWDUSVtTXLFR

+
%LHQHVWDUVRFLDO

6DOXG
ODERUDO

%LHQHVWDU+,$XVHQFLDGHGDxRItVLFRRHQIHUPHGDG3RUHMHPSORVHSLHUGHHOELHQHVWDUItVLFRFXDQGRQRVIUDFWXUDPRVXQWRELOORDOEDMDUGHXQDPiTXLQDH[FDYDGRUD
%LHQHVWDU SVtTXLFR(TXLOLEULRHPRFLRQDOLGHQWLFDFLyQGHOWUDEDMDGRUFRQVXWDUHD3RUHMHPSORVH
SLHUGHHOELHQHVWDUSVtTXLFRFXDQGRVXIULPRVXQDFULVLVGHDQVLHGDGWUDVXQDGLVFXVLyQFRQXQVXSHULRU
%LHQHVWDU5HODFLRQHVFRQORVGHPiVUHFRQRFLPLHQWRVRFLDO\ODVH[SHFWDWLYDVGHIXWXURTXHVX
WUDEDMROHRIUHFH3RUHMHPSORVHSLHUGHHOELHQHVWDUVRFLDOFXDQGRYLYLPRVXQDVLWXDFLyQHQODHPSUHVD
HQODTXHVXIULPRVEXUODVSRUSDUWHGHQXHVWURVFRPSDxHURV
&RQHO 9HOVHUKXPDQREXVFDVDWLVIDFHUVXVQHFHVLGDGHVSHURHQHOGHVHPSHxRGHOPLVPRHO
WUDEDMDGRUSXHGHGDxDUVXVDOXGVLpVWHQRVHGHVDUUROODHQODVFRQGLFLRQHVDGHFXDGDV$VtHOWUDEDMR
WLHQHLPSRUWDQWHV +  UHDOL]DFLyQSHUVRQDOREWHQFLyQGHUHFXUVRVHFRQyPLFRV SHUR
WDPELpQ +
% HQODVDOXGGHOWUDEDMDGRU IDWLJDDQVLHGDGHQIHUPHGDGHV (VWHFRQFHSWRPiVDPSOLRGHVDOXGODERUDOQRVOOHYDDRWURVGRVFRQFHSWRVHOGHULHVJRODERUDO\HOGHFRQGLFLyQ
GHWUDEDMR
.% 
  GHTXHXQWUDEDMDGRU (+ %7
HQODVDOXGGHULYDGRGHO

WUDEDMR
:

 9SDVDDVHUQRVRORODDFWLYLGDGHQVtPLVPDVLQRWDPELpQ FXDOTXLHUFDUDF0
,   TXHSXHGDLQXLUHQODSUHVHQFLDGHULHVJRVSDUDODVHJXULGDG\ODVDOXGGHO
WUDEDMDGRU'HHVWDPDQHUDWDPELpQTXHGDQ
(

/DVFDUDFWHUtVWLFDVGHORV ORFDOHVLQVWDODFLRQHVHTXLSRVSURGXFWRV\RWURV~WLOHVTXHH[LVWDQ
HQHOFHQWURGHWUDEDMR
 DJHQWHVItVLFRVTXtPLFRV\ELROyJLFRVSUHVHQWHVHQHODPELHQWHGHWUDEDMR
 
SDUDXWLOL]DUORVDJHQWHVDQWHULRUHV
  ,GHOWUDEDMRTXHLQX\DQHQORVULHVJRVGHOWUDEDMDGRUFRPRODSURSLD%
0
L
 9

5LHVJRODERUDO

3RVLELOLGDGGHVXIULUXQGDxR

&RQGLFLyQGH
WUDEDMR

&XDOTXLHUFDUDFWHUtVWLFDGHOWUDEDMRTXH
SXHGHLQXLUHQTXHDSDUH]FDQULHVJRV

4XpHVOD

 % "
/DSUHYHQFLyQGHULHVJRVODERUDOHVHVHOFRQMXQWRGHTXHVHWRPDQSDUDHYLWDURGLVPLQXLUORV
% HQODHPSUHVD\ORJUDUPHMRUHVFRQGLFLRQHVGHWUDEDMRSDUDORVWUDEDMDGRUHV3DUD
HOORVHSUHFLVDXQD%
HQPDWHULDGHSUHYHQFLyQ

7UDEDMRHQ
FRQGLFLRQHV
LQDGHFXDGDV

6

SURGXFH

5LHVJRV
ODERUDOHV

SURGXFH

'DxRVHQ
ODVDOXG

VHHYLWD

0HGLGDVGH
SUHYHQFLyQ\
SURWHFFLyQ

QHFHVLWD

/HJLVODFLyQHQ
SUHYHQFLyQ

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




<   % 


:(2 
 

 
(GHOWUDEDMRTXHSXHGHQSURYRFDUTXHDSDUH]FDQULHVJRV
ODERUDOHV" 6HJ~Q ORV HVSHFLDOLVWDV HQ SUHYHQFLyQ HVWDV FRQGLFLRQHV R IDFWRUHV GH ULHVJR SXHGHQ VHU
FODVLFDGRV
6 %(
/DVFRQGLFLRQHVGHVHJXULGDG
/DV FRQGLFLRQHV GHO PHGLR DPELHQWH
ItVLFRTXtPLFR\ELROyJLFR
/DVFRQGLFLRQHVHUJRQyPLFDV
/DVFRQGLFLRQHVSVLFRVRFLDOHV

)DFWRUHV
GHULHVJR

(QHVWDXQLGDGYHUHPRVHQTXpFRQVLVWHFDGDXQRGHHVWRVIDFWRUHVGHULHVJRSDUDSURIXQGL]DUHQHOORV
HQODXQLGDGVLJXLHQWH

  



  
   

  

 

  
  

 (%  9ORVHVSDFLRVODVLQVWDODFLRQHV


ODVHVFDOHUDV
 HTXLSRVGHWUDEDMRPiTXLQDVKHUUDPLHQWDVHTXLSRVGHWUDQVSRUWH
$JHQWHV+,HOUXLGRODVUDGLDFLRQHVODVYLEUDFLRQHV
ODWHPSHUDWXUD\ODLOXPLQDFLyQ
$JHQWHVTXtPLFRVODVVXVWDQFLDV\SUHSDUDGRVTXtPLFRV
$JHQWHV  %ORVYLUXVODVEDFWHULDVORVKRQJRV
\SURWR]RRV
 % +,GHOWUDEDMRORVHVIXHU]RVItVLFRVODVSRVWXUDVODPDQLSXODFLyQGHFDUJDV
 % 
 GHOWUDEDMRODFDQWLGDGGHLQIRUPDFLyQ
\ODUDSLGH]HQODWRPDGHGHFLVLRQHVHOJUDGRGHDWHQFLyQGHUHVSRQVDELOLGDGHWF
 %
L
 9ODPRQRWRQtDODYDULHGDG
HQODWDUHDODSRVLELOLGDGGHSDUWLFLSDUHQODWRPDGHGHFLVLRQHVODVXSHUYLVLyQMHUiUTXLFDHOKRUDULRHWF
 , 
 OD SHUIHFFLyQ HQ OD
UHDOL]DFLyQGHODWDUHDODPRWLYDFLyQODERUDOODSHUFHSFLyQ
GHOULHVJR

D>'1&

(Q OD XQLGDG VLJXLHQWH DERUGDUHPRV DPSOLDPHQWH WRGRV


ORVIDFWRUHVGHULHVJRODERUDO
\ SRGUiV SURIXQGL]DU HQ ORV
TXHLQFLGHQHQHOVHFWRUGHWX
FLFORIRUPDWLYR
&RPR SULPHUD DSUR[LPDFLyQ
VHxDODTXpIDFWRUHVGHULHVJR
ODERUDODSUHFLDVHQHOFLFORIRUPDWLYRTXHHVWiVHVWXGLDQGR

: 2 
&ODVLFDVHJ~QORVJUXSRVGHIDFWRUHVGHULHVJRODVVLJXLHQWHV
FRQGLFLRQHVGHWUDEDMR
D 8QYROXPHQPX\HOHYDGRGHUXLGRGHXQDPiTXLQD
E /DIDOWDGHEDUDQGLOODHQXQDHVFDOHUD
F /HYDQWDUERELQDVGHFREUHGHNJ
G /DWDUHDPRQyWRQDGHFRORFDUQDUDQMDVHQXQDFDMDWRGRVORV
GtDVGHODxR

"(


D  (O UXLGR HV XQ DJHQWH ItVLFR ODV FRQGLFLRQHV GHO PHGLR
DPELHQWH
E 6HWUDWDGHXQOXJDUGHWUDEDMRLQDGHFXDGRODVFRQGLFLRQHV
GHVHJXULGDG
F 6XSRQHXQDFDUJDItVLFDODVFRQGLFLRQHVHUJRQyPLFDV
G (VODIRUPDGHRUJDQL]DUHOWUDEDMRODVFRQGLFLRQHVSVLFRVRFLDOHVDVtFRPRWDPELpQSRUPRYLPLHQWRVUHSHWLWLYRVHUJRQRPtD

=

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




<    (  9


/D/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHVVHxDODTXHORVGDxRVODERUDOHVVRQODV

$     
 #
  # 
3RGHPRVFODVLFDUORVGDxRVDODVDOXGGHORVWUDEDMDGRUHVHQ
3DWRORJtDVHVSHFtFDVVRQFRQVHFXHQFLDGLUHFWDGHOWUDEDMRTXHVHUHDOL]DFRPRHODFFLGHQWHGH
WUDEDMR\ODHQIHUPHGDGSURIHVLRQDO
3DWRORJtDVLQHVSHFtFDVSXHGHQVHUFRQVHFXHQFLDGHOWUDEDMRSHURWDPELpQGHRWUDVFLUFXQVWDQFLDVGHOWUDEDMDGRUFRPRSRUHMHPSORODLQVDWLVIDFFLyQODERUDORODIDWLJD
C"'#D'" E;&<<<F

(QHODxRVHSURGXMHURQ
PiV GH  DFFLGHQWHVGHWUDEDMRGHORVFXDOHV
 QHFHVLWDURQ EDMD
PpGLFD(QHVHDxRWDPELpQ
IDOOHFLHURQ  WUDEDMDGRUHV
GHELGRDOWUDEDMR
(Q OD DFWLYLGDG GHO HQWRUQR
ODERUDOSRGUiVSURIXQGL]DUHQ
HVWDVHVWDGtVWLFDV

< & 


  9
$ 5HTXLVLWRVOHJDOHV
/D/H\*HQHUDOGH6HJXULGDG6RFLDOGHQHDFFLGHQWHGHWUDEDMRFRPR 
 TXHHO
WUDEDMDGRUVXIUDFRQRFDVLyQRSRUFRQVHFXHQFLDGHOWUDEDMRTXHHMHFXWHSRUFXHQWDDMHQD3RUWDQWRVH
SLGHQUHTXLVLWRV
E( X 
ItVLFDRSVtTXLFDHVGHFLUXQGDxRDODVDOXG
;
 
DQWHVVRORVHUHFRQRFtDDORVWUDEDMDGRUHVSRUFXHQWDDMHQDSHURHQOD 0
(VHSHUPLWHTXHORVWUDEDMDGRUHV (
TXHYROXQWDULDPHQWHFRWLFHQSDUDFXEULUHVWD
VLWXDFLyQ HVWpQ SURWHJLGRV HQ FDVR GH DFFLGHQWH GH WUDEDMR (VWi SUHYLVWR TXH ORV DXWyQRPRV HVWpQ
REOLJDGRVDSDUWLUGHDFRWL]DUSRUDFFLGHQWHGHWUDEDMR
5HODFLyQGH( 
  9  
HVGHFLUODOHVLyQHVFRQVHFXHQFLDGHOWUDEDMR
TXHVHUHDOL]D

([LVWDQOHVLRQHV

5HTXLVLWRVOHJDOHV
DFFLGHQWHGHWUDEDMR

&XHQWDDMHQD
RFXHQWDSURSLDVLFRWL]D
5HODFLyQFDXVDHIHFWR
HQWUHWUDEDMR\DFFLGHQWH

#H "((    


$GHPiVVHDxDGHQFRPRDFFLGHQWHVGHWUDEDMRRWUDVVLWXDFLRQHVTXHSXHGHQSURYRFDUFRQIXVLyQVREUH
VLORVRQRQR\TXHODOH\DOLQFOXLUODVGHMDFODURTXHVtVRQDFFLGHQWHGHWUDEDMR

(ODFFLGHQWH
LQLWLQHUH

4

(VHOTXHVXIUHHOWUDEDMDGRUDO     (%  9 9((


KDPDWL]D   UHTXLVLWRVTXHGHEHQGDUVHSDUDTXHVHFRQVLGHUHDFFLGHQWHGHWUDEDMRDXQTXHVLJXHQVLHQGR
UHTXLVLWRVEDVWDQWHH[LEOHV
'HEHRFXUULUHQHO
GHLGDRYXHOWDDOGRPLFLOLRKDELWXDO
1RGHEHQSURGXFLUVH
(
HQWUHHOQGHOWUDEDMR\HODFFLGHQWHVLELHQVHDGPLWHQFLHUWDVLQWHUUXSFLRQHVFRUWDVKDELWXDOHV FRPRLUDFRPSUDUDXQDIDUPDFLD 
4XHHOUHDOL]DGRSRUHOWUDEDMDGRUVHDHOKDELWXDO
4XHHOXWLOL]DGRSRUHOWUDEDMDGRUVHDXQPHGLRDGHFXDGRSDUDLUDOWUDEDMR

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




&DUJR
VLQGLFDO

3RUHOGHVHPSHxRGH +(

  2 
DVtFRPRORVRFXUULGRVDOLURDOYROYHUGH
HMHUFLWDUHVDVIXQFLRQHV8QGHOHJDGRGHSUHYHQFLyQTXHHVDWURSHOODGRFXDQGRDFXGHDOVLQGLFDWRHQ
HOWLHPSRUHVHUYDGRSDUDHOOR

7DUHDV
GLVWLQWDV

/RVRFXUULGRVL
 TXHDXQVLHQGR 
    ( %, +

HMHFXWHHOWUDEDMDGRU\DVHDSRURUGHQGHOHPSUHVDULRRSRULQLFLDWLYDSURSLDSDUDODEXHQDPDUFKDGHOD
HPSUHVD XQDGPLQLVWUDWLYRTXHVHOHVLRQDDOPRYHUXQDVFDMDVGHODOPDFpQSRUTXHHVWDEDD\XGDQGR 

$FWRVGH
VDOYDPHQWR

/RVRFXUULGRVHQ  
\HQRWURVGHQDWXUDOH]DDQiORJDFXDQGRWHQJDQFRQH[LyQ
FRQHOWUDEDMR SRUHMHPSORXQWUDEDMDGRUTXHVXIUHOHVLRQHVDOVDOYDUDXQFRPSDxHURGHXQLQFHQGLR
HQODRFLQD 

/DVHQIHUPHGDGHV
GHOWUDEDMR

/DVHQIHUPHGDGHVTXHQRSXHGDQVHUFRQVLGHUDGDVHQIHUPHGDGHVSURIHVLRQDOHVSHURTXH
0
% HOWUDEDMDGRUFRQPRWLYRGH  L
 ( 9VLHPSUHTXHVHSUXHEHSRUVHQWHQFLD
MXGLFLDOTXHODHQIHUPHGDGVXUJLySRUFDXVDH[FOXVLYDGHGLFKRWUDEDMR SRUHMHPSORHVWUpVODERUDO 

&RQVHFXHQFLDV
GHODFFLGHQWH

 
(
GHODFFLGHQWH\ODVFRPSOLFDFLRQHVGHULYDGDVGHODFFLGHQWHPLVPR SRUHMHPSORXQWUDEDMDGRUTXHDUDt]GHXQDFFLGHQWHGHEHVHURSHUDGR\FRQWUDHXQYLUXVHQHOTXLUyIDQR 
/DVHQIHUPHGDGHVRGHIHFWRVSDGHFLGRVDQWHULRUPHQWHTXH  %
FRPRFRQVHFXHQFLDGHO
DFFLGHQWH SRUHMHPSORXQHVJXLQFHTXHWXYLHVHGHXQDOHVLyQDQWHULRUGHOWUDEDMDGRU 

3DUDQDOL]DUFRQTXpVHFRQVLGHUDDFFLGHQWHGHWUDEDMR\TXpQRHVFRQYHQLHQWHWHQHUHQFXHQWDODV%(
 %
R
(2TXHFRQVWLWX\HQDFFLGHQWHGHWUDEDMRWRGDVODVOHVLRQHVTXHVXIUDHOWUDEDMDGRUHQHO
  9 
 
VDOYRSUXHEDHQFRQWUDULR
3RGUiVHUFRQVLGHUDGDDFFLGHQWHGHWUDEDMROD(
 +
TXHFRPHWDHOWUDEDMDGRUFRPRFRQVHFXHQFLDGHOHMHUFLFLRKDELWXDO
GHOWUDEDMR\ODFRQDQ]DTXHpVWHLQVSLUD SRUHMHPSORXQGHVFXLGRQRLQWHQFLRQDO 
$  

DFFLGHQWHVGHWUDEDMR
/RVTXHVHDQGHELGRVD

+(L  H[WUDxDDOWUDEDMRFRPRODLQVRODFLyQHOUD\R\RWURVIHQyPHQRVSDUHFLGRVGHODQDWXUDOH]D
/RVTXHVHDQGHELGRVD

(
    LQWHQFLRQDO GHOWUDEDMDGRU

: 2 
6HxDODSDUDORVVLJXLHQWHVDFFLGHQWHVFXiOHVSXHGHQVHUFRQVLGHUDGRVOHJDOPHQWHDFFLGHQWHGHWUDEDMR

"(

D 6tHVDFFLGHQWHODERUDOSRUTXH\DHVWiIXHUDGHVXFDVD\VHGLULJHDO
D 8QDFDtGDHQODVHVFDOHUDVGHODQFDFXDQGRXQWUDEDMDGRUVHGLULJH
WUDEDMR6LIXHUDHQODVHVFDOHUDVGHXQFKDOHWDOHVWDUWRGDYtDGHQWURGHVX
KDFLDHOWUDEDMR
SURSLHGDGQRVHUtDDFFLGHQWHODERUDO
E 8QFDUQLFHURTXHVHFRUWDFRQHOFXFKLOORDFFLGHQWDOPHQWHDOFRUWDUXQ E 6tSXHVVHGHEHDXQDLPSUXGHQFLDQRWHPHUDULDRSURIHVLRQDOGHULYDGD
OHWHGHFDUQH
GHODFRQDQ]DTXHLQVSLUDFRQRFHUHOWUDEDMR
F  ([LVWH XQD SUHVXQFLyQ JHQHUDO GH TXH WRGR DFFLGHQWH HQ HO FHQWUR GH
F 8QWUDEDMDGRUTXHVXIUHXQLQIDUWRHQHOWUDEDMRSXHVDFXVDHOHVWUpVDO
WUDEDMRHQKRUDULRODERUDOHVDFFLGHQWHODERUDOVLELHQFDEHSUXHEDHQFRQTXHHVWiVRPHWLGRHQHOPLVPR
WUDULR\TXHVHGHPXHVWUHTXHQRHVWDEDUHODFLRQDGR
G 8QDFRQVHUMHDOTXHOHSLGHHOHQFDUJDGRTXHHFKHXQDPDQRHQHODOPDG 6tSRUTXHUHDOL]DWDUHDVGLVWLQWDVSRUSHWLFLyQGHXQVXSHULRU
FpQSDUDGHVFDUJDUFDMDV\VHOHFDHXQDHQHOSLH

I

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




: 2 

+
 
 (
  +


 /DLPSUXGHQFLDSURIHVLRQDOHVDTXHOODTXHVHGHULYDGHOHMHUFLFLRKDELWXDOGHOWUDEDMR\H[FOX\HODWHPHULGDGHVGHFLUODFUHDFLyQSRU
SDUWHGHOWUDEDMDGRUGHXQSHOLJURH[FHVLYRHQHOTXHVHDVXPHXQULHVJRDGLFLRQDOFRQFRQFLHQFLDGHODSUREDELOLGDGGHOGDxR
 (QFXiOGHORVGRVFDVRVVLJXLHQWHVHVWDEOHFHQORVWULEXQDOHVTXHVHWUDWDGHXQDLPSUXGHQFLDWHPHUDULD \SRUWDQWRQRVHFRQVLGHUDUtDDFFLGHQWHGHWUDEDMR \HQFXiOXQDLPSUXGHQFLDSURIHVLRQDO DFFLGHQWHGHWUDEDMR "
 8QWUDEDMDGRUVXIUHXQDFFLGHQWHGHWUDEDMRHQXQDHPSUHVDGHGLFDGDDODIDEULFDFLyQGHERWHOODVGHSOiVWLFR(ODFFLGHQWHVH
SURGXFHDOLQLFLRGHODMRUQDGDODERUDOFXDQGRHOWUDEDMDGRUSHUFLEHTXHVHKDEtDQTXHGDGRUHVWRVGHSOiVWLFRHQHOLQWHULRUGHODPiTXLQD
\VHGLVSRQHDUHWLUDUWDOPDWHULDO(OWUDEDMDGRULQWURGXFHVXEUD]RL]TXLHUGRHQODPiTXLQD VLQSDUDUOD DQGHUHWLUDUHOPHQFLRQDGR
SOiVWLFRPRPHQWRHQTXHpVWDVHFLHUUDDWUDSiQGROHHOEUD]R\SURGXFLHQGRVXDPSXWDFLyQ(QODSDUWHIURQWDO\GHODQWHUDGHOHTXLSRGH
WUDEDMRKD\XQDVHxDOPHWiOLFDGHDGYHUWHQFLDHQFRORUURMRTXHLQGLFD3(/,*52120$1,38/$5/$048,1$6,13$5$5/$
 ([WUDtGRGH6HQWHQFLD76-&DVWLOOD/D0DQFKDGHGHVHSWLHPEUH
 (QXQDREUDGHFRQVWUXFFLyQDOWUDEDMDGRUVHOHKDEtDDGYHUWLGRTXHQRXWLOL]DUDHOKXHFRGHODQGDPLRSDUDGHVFHQGHU1RHUDOD
SULPHUDYH]TXHVHOHKDFtDHVWDDGYHUWHQFLDSRUSDUWHGHOUHVSRQVDEOHGHODVHJXULGDGHQODREUDGHVR\HQGRHOWUDEDMDGRUODVSUHYHQFLRQHVFRQH[SUHVLRQHVWDOHVFRPRDPtQRPHWLHQHVTXHGHFLUQDGDRW~QRHUHVQDGLHSDUDGHFLUPHQDGD7DPELpQKDEtDH[SUHVDGR
FRQDQWHULRULGDGTXHQRHUDQHFHVDULRDPDUUDUVH(OGtDGHPD\RDOWUDEDMDGRUVHOHFD\yXQDSDOHWDPLHQWUDVWUDEDMDEDHQODFXDUWD
SODQWD(OUHVSRQVDEOHGHODVHJXULGDGTXHHVWDEDHQXQDSODQWDLQIHULRUOHGLMRTXHQRKDFtDIDOWDTXHEDMDUDTXH\DVHODVXEtDpO(O
WUDEDMDGRUVLQHPEDUJREDMySRUHODQGDPLRVLQXWLOL]DUODHVFDOHUDVLQHVWDUVXMHWRSRUXQDUQpVPRPHQWRHQHOTXHVHSUHFLSLWy
 ([WUDtGRGH6HQWHQFLD76-$VWXULDVGHGHQRYLHPEUH

"(

 (QHOSULPHUFDVRVHWUDWDGHXQDLPSUXGHQFLDSURIHVLRQDORLPSUXGHQFLDQRWHPHUDULD DFFLGHQWHGHWUDEDMR SXHVWRTXHHOHPSUHVDULRGHEHLQVWDODUODVPiTXLQDVGHIRUPDTXHQRVHSXHGDDFFHGHUDORVHOHPHQWRVPyYLOHVFRQHOHTXLSRHQPDUFKDQREDVWDFRQOD


VHxDOL]DFLyQ/DOH\GHSUHYHQFLyQGHULHVJRVGHODERUDOHVLQGLFDODHIHFWLYLGDGGHODVPHGLGDVSUHYHQWLYDVGHEHUiSUHYHU LQFOXVR ODV
GLVWUDFFLRQHVRLPSUXGHQFLDVQRWHPHUDULDVTXHSXGLHUDFRPHWHUHOWUDEDMDGRU
 (QHOVHJXQGRFDVRVHDWULEX\HHODFFLGHQWHDODFRQGXFWDGHOWUDEDMDGRUHVGHFLULPSUXGHQFLDWHPHUDULD QRHVDFFLGHQWHGHWUDEDMR \DTXHGHVREHGHFHODVLQGLFDFLRQHVGHOUHVSRQVDEOHGHVHJXULGDGTXHKDEtDQVLGRUHLWHUDGDVHQHOVHQWLGRGHXWLOL]DUODHVFDOHUD
SDUDVXELU\EDMDUGHODQGDPLR\GHXWLOL]DUHODUQpV

:H & 
  9   


'HVGHHOSXQWRGHYLVWDOHJDOSDUDTXHH[LVWDDFFLGHQWHGHWUDEDMRGHEHH[LVWLUOHVLyQHQHOWUDEDMDGRU
3HURTXpRFXUUHVLHQXQDVLWXDFLyQGHULHVJRQROOHJDDKDEHUOHVLyQVREUHHOWUDEDMDGRU"
3DUDOD6HJXULGDG6RFLDOSDUDTXHVHDDFFLGHQWHODERUDO\VHSXHGDHVWDUGHEDMDHVQHFHVDULRTXH
H[LVWDQOHVLRQHVVLQRODVKD\QRKD\DFFLGHQWH
3HURGHVGHXQSXQWRGHYLVWDSUHYHQWLYRSRGUtDKDEHURFXUULGRDOJRSRUORTXHHVQHFHVDULR 

 %  
  9DRWURGRQGHTXHGHQUHFRJLGDVHVDVVLWXDFLRQHVGRQGHQR
KDSDVDGRQDGDSHURSRGUtDKDEHUSDVDGR

@




?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$

(QSULPHUOXJDUFDEHGLVWLQJXLUVLVHKDQSURGXFLGR   V 


 
 0

6LORVFRPELQDPRVQRVGDQORV6   




D>'1&

&RQGDxRVPDWHULDOHV

! 
 

$FFLGHQWHWtSLFR

$  
 

$FFLGHQWHEODQFR

6L QRV EDVDPRV HQ ORV DFFLGHQWHV GH WUiFR SRGUtDPRV


FRPSUHQGHU PHMRU ORV  WLSRV
GHDFFLGHQWHV

6LQGDxRVPDWHULDOHV

$FFLGHQWHFDVR

,QFLGHQWH

(O
 ,HVDTXHOGRQGHKD\OHVLRQHVSDUDODVSHUVRQDV\GDxRVPDWHULDOHV
(O
 HVXQDFFLGHQWHGRQGHKD\OHVLRQHVSDUDODVSHUVRQDVSHURQRVHSURGXFHQGDxRV
PDWHULDOHV
(O 
 
HVXQDFFLGHQWHGRQGHQRKD\OHVLRQHVHQODVSHUVRQDVSHURVtVHSURGXFHQ
GDxRVPDWHULDOHV
(O

HVDTXHOODVLWXDFLyQGRQGHQRVHSURGXFHQQLOHVLRQHVQLGDxRVPDWHULDOHVSHURH[LVWHXQD
VLWXDFLyQGHULHVJRTXHSRGUtDKDEHUODVSURYRFDGRDXQTXHWRGDYtDQRVHKD\DGDGRHOFDVR
'HVGHHO(
   %SDUDOD6HJXULGDG6RFLDO\DHIHFWRVGHEDMDVRORORVGRVSULPHURVWLSRV
GHDFFLGHQWHVRQDFFLGHQWHVGHWUDEDMR
'HVGHXQ(
   
VHDPSOtDDORVRWURVGRVWLSRVGHDFFLGHQWH\DTXHDXQTXHQR
H[LVWDQOHVLRQHVVRQVLWXDFLRQHVTXHQRVDOHUWDQGHTXH X
+ 
   
0

\SRUWDQWRH[LVWHXQSRVLEOHULHVJRGHTXHHQRWUDRFDVLyQSXHGDOOHJDUDSURGXFLUVHXQDFFLGHQWH
HVWDYH]FRQOHVLRQHV
(QGHQLWLYDGHVGHXQSXQWRGHYLVWDSUHYHQWLYRVHHQWLHQGHSRU
  9
$TXHODFRQWHFLPLHQWRRVXFHVRDQRUPDOQRSUHYLVWRQRGHVHDGRTXHLQWHUUXPSHODDFWLYLGDGQRUPDOGH
ODHPSUHVD\TXH ( 
 
DODVSHUVRQDV

8Q DFFLGHQWH WtSLFR VHUtD XQ


JROSH HQWUH GRV FRFKHV FRQ
GDxRV HQ ORV FRFKHV \ FRQ
OHVLRQHVGHDOJ~QWLSRHQODV
SHUVRQDV
8Q DFFLGHQWH FDVR VHUtD XQ
DFFLGHQWHGRQGHKD\OHVLRQHV
HQODVSHUVRQDVSHURDOFRFKH
QROHSDVDQDGD
8QDFFLGHQWHEODQFRHVDTXHO
HQHOTXHODFDUURFHUtDVXIUH
DOJ~QJROSHSHURHOFRQGXFWRU
VDOHLOHVR
8QLQFLGHQWHVHUtDXQDGHODQWDPLHQWRQHJOLJHQWHGRQGHD
~OWLPDKRUDVHHYLWDHOJROSH
QRKD\OHVLRQHVQLGDxRV
(QGHQLWLYDPXFKRVDFFLGHQWHV
EODQFRV H LQFLGHQWHV QRV HVWDUtDQGDQGRLQIRUPDFLyQGHTXH
DOJRQRIXQFLRQDHQHOVLVWHPD
GHSUHYHQFLyQGHDFFLGHQWHV

: 2 6
&ODVLFDORVVLJXLHQWHVDFFLGHQWHVGHVGHHOSXQWRGHYLVWDGHSUHYHQFLyQ
 /DFDUJDTXHWUDQVSRUWDXQDFDUUHWLOODVHGHVSUHQGHGHELGRDXQPDODPDUUHGHODPLVPD/DFDtGDGHORVREMHWRVQRFDXVDQLQJ~Q
GDxRDORVWUDEDMDGRUHVSRUTXHQLQJXQRVHHQFRQWUDEDHQVXiUHDGHDOFDQFH/DFDUJDWDPSRFRVXIUHQLQJ~QGHVSHUIHFWRSRUTXHHVWDED
SHUIHFWDPHQWHHPEDODGD
 8QSURGXFWRTXtPLFRSHOLJURVRSDUDHOPHGLRDPELHQWHVHGHUUDPDPLHQWUDVHVPDQLSXODGRSRUXQWUDEDMDGRU(OSURGXFWRTXtPLFR
GHUUDPDGRQRVDOSLFDQLDOFDQ]DDOWUDEDMDGRUSHURVHHVFXUUHKDVWDODUHGGHDOFDQWDULOODGR
 8QWUDEDMDGRUIDOOHFHFXDQGRHOFDPLyQFRQHOTXHHIHFWXDEDXQUHSDUWRGHELGRDXQUHYHQWyQGHODUXHGDGHODQWHUDL]TXLHUGDVH
SUHFLSLWDGHVGHPHWURVGHDOWXUDDOFDHUSRUXQSXHQWH
 8QWUDEDMDGRUVHFDHPLHQWUDVSRGDEDGHELGRDODURWXUDGHODUDPDGHOiUEROHQODTXHHVWDEDDSR\DGR&RPRFRQVHFXHQFLDGHO
DFFLGHQWHHOWUDEDMDGRUVHIUDFWXUDODWLELD\HOHTXLSRGHWUDEDMR PRWRVLHUUD TXHXWLOL]DEDQRVXIUHQLQJ~QGHVSHUIHFWR
"(

 ,QFLGHQWH VLQGDxRVPDWHULDOHVVLQOHVLRQHVHQODVSHUVRQDV 
 $FFLGHQWHEODQFR FRQGDxRVPDWHULDOHVVLQOHVLRQHVHQODVSHUVRQDV 
 $FFLGHQWHWtSLFR FRQGDxRVPDWHULDOHVFRQOHVLRQHVHQODVSHUVRQDV 
 $FFLGHQWHFDVR VLQGDxRVPDWHULDOHVVLQOHVLRQHVHQODVSHUVRQDV 

3

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
C"'#D'" E;&<<<F

6HJ~QOD9,,(QFXHVWD1DFLRQDO
GH &RQGLFLRQHV GH WUDEDMR HODERUDGDSRUHO,16+7SDUDHODxR
HOGHORVWUDEDMDGRUHV
SHUFLEH TXH OD SULQFLSDO FDXVD
GH ORV ULHVJRV GH DFFLGHQWH GH
WUDEDMR VRQ ODV GLVWUDFFLRQHV
GHVFXLGRV GHVSLVWHV \ IDOWD GH
DWHQFLyQ
 /DPD\RUtDGHDFFLGHQWHVGH
WUDEDMRWLHQHQVXRULJHQHQFDXVDVKXPDQDVORFXDOQRTXLHUH
GHFLUTXHODUHVSRQVDELOLGDG~OWLPDVHDGHOWUDEDMDGRUWDPELpQ
HOHPSUHVDULRWLHQHODUHVSRQVDELOLGDGGHHYLWDUHVWDVFDXVDV




H :( 5
 (
 
 

 ,   (GHORVDFFLGHQWHVVHxDODTXHWRGRDFFLGHQWHRFXUUHSRUDOJXQDFDXVD\
TXHHVWDFDXVDVHSRGUtDKDEHUHYLWDGR\SRUWDQWRWDPELpQHODFFLGHQWH/RVDFFLGHQWHV
  

L PHKDWRFDGRDPt     (
 KDWHQLGRPDODVXHUWHQROOHYDEDVXDPXOHWR 
(QWUHHVWDVFDXVDVVHGLVWLQJXHQFDXVDVWpFQLFDV\FDXVDVKXPDQDV
&DXVDVWpFQLFDV
/DV FDUDFWHUtVWLFDV GH ODV 

 \ ORV
(%GHWUDEDMR
/DSURWHFFLyQGHORV HTXLSRVPiTXLQDV\KHUUDPLHQWDV
(O 
LOXPLQDFLyQUXLGRWHPSHUDWXUDUDGLDFLRQHVHWF
 %
L
\VLVWHPDVGHWUDEDMRWUDEDMR
DWXUQRVWUDEDMRQRFWXUQRHWF

 
(OWUDEDMDGRU
TXHH[LVWHXQULHVJR
(OWUDEDMDGRUVDEHTXHH[LVWHXQULHVJRSHUR

   (DQWHpO
(OWUDEDMDGRUFRQRFHTXHH[LVWHXQULHVJR\VDEH
FyPR DFWXDU SHUR GHFLGH QR TXHUHU DFWXDU
GHIRUPDSUHYHQWLYD
)DOWDGH +
 
+
SRUSDUWH

 

: 2 =
(QTXpJUXSR FDXVDVWpFQLFDVRFDXVDVKXPDQDV HQFXDGUDUtDVODVVLJXLHQWHVFDXVDVGHDFFLGHQWHV"


)DOWDGHSURWHFFLRQHVGHODVPiTXLQDVRHTXLSRVRODVTXHKD\VRQGHFLHQWHV

(OWHUUHQRWLHQHGHVQLYHOHVTXHSXHGHQSURYRFDUHOYXHOFRGHYHKtFXORVGHWUDEDMR\RFDtGDVRWURSLH]RVGHSHUVRQDV

6HWUDEDMDVLQODLQIRUPDFLyQ\IRUPDFLyQVXFLHQWHVREUHORVULHVJRV\PHGLGDVSUHYHQWLYDV

6HWUDEDMDPX\UiSLGR

1RVHGLVSRQHGHODFXDOLFDFLyQRODH[SHULHQFLDQHFHVDULD

(TXLSRV\KHUUDPLHQWDVHQPDOHVWDGR

,QFXPSOLPLHQWRGHODVLQVWUXFFLRQHVGHWUDEDMR

6HxDOL]DFLyQGHVHJXULGDGLQH[LVWHQWHRGHFLHQWH

)DOWDGHDWHQFLyQ

)DOWDGHHVSDFLRGHOLPSLH]DRGHVRUGHQ

0DQLSXODFLyQLQDGHFXDGDGHSURGXFWRVVXVWDQFLDVTXtPLFDVRPDWHULDOHVSHOLJURVRV

+DFHUEURPDVFRQORVFRPSDxHURVGXUDQWHODHMHFXFLyQGHOWUDEDMR
"(

$ &DXVDVWpFQLFDV)DOWDGHSURWHFFLRQHVGHODVPiTXLQDVRHTXLSRVRODVTXHKD\VRQGHFLHQWHV(OWHUUHQRWLHQHGHVQLYHOHVTXH
SXHGHQSURYRFDUHOYXHOFRGHYHKtFXORVGHWUDEDMR\RFDtGDRWURSLH]RVGHSHUVRQDV6HWUDEDMDPX\UiSLGR(TXLSRV\KHUUDPLHQWDVHQ
PDOHVWDGR6HxDOL]DFLyQGHVHJXULGDGLQH[LVWHQWHRGHFLHQWH)DOWDGHHVSDFLRGHOLPSLH]DRGHVRUGHQ
% &DXVDVKXPDQDV6HWUDEDMDVLQODLQIRUPDFLyQ\IRUPDFLyQVXFLHQWHVREUHORVULHVJRV\PHGLGDVSUHYHQWLYDV1RVHGLVSRQHGHOD
FXDOLFDFLyQRODH[SHULHQFLDQHFHVDULD,QFXPSOLPLHQWRGHODVLQVWUXFFLRQHVGHWUDEDMR)DOWDGHDWHQFLyQ0DQLSXODFLyQLQDGHFXDGDGH
SURGXFWRVVXVWDQFLDVTXtPLFDVRPDWHULDOHVSHOLJURVRV+DFHUEURPDVFRQORVFRPSDxHURVGXUDQWHODHMHFXFLyQGHOWUDEDMR

6




?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$

<<  
+ +

(Q(VSDxDSDUDVDEHUTXpVHFRQVLGHUDHQIHUPHGDGSURIHVLRQDOVHKDYHQLGRXWLOL]DQGR  
 (VWHVLVWHPDFRQVLVWHHQTXHSDUDHYLWDUGXGDVGHLQWHUSUHWDFLyQVREUHVLODHQIHUPHGDG
HVFDXVDGDRQRSRUHOWUDEDMR  (
   
+    9
 ( GRQGHSXHGHQFRQWUDHUVHGHPDQHUDTXHVLXQWUDEDMDGRUGHVDUUROODXQDHQIHUPHGDG
GHHVHOLVWDGRWUDEDMDQGRHQXQDGHHVDVDFWLYLGDGHVDXWRPiWLFDPHQWHVHGDSRUKHFKRTXHHVGHELGDDO
WUDEDMR\VHFDOLFDGHIRUPDLQPHGLDWDFRPRHQIHUPHGDGSURIHVLRQDO(QGHQLWLYDSDUDTXHVHDHQIHUPHGDGSURIHVLRQDOGHEtDHVWDUHQODOLVWDTXHHODERUDEDHO0LQLVWHULRGH7UDEDMR
$FWXDOPHQWHFRQHO5'GHGHGLFLHPEUHSRUHOTXHVHDSUXHEDHOFXDGURGHHQIHUPHGDGHVSURIHVLRQDOHVVHFRQVLGHUD(
 X SXHVWRTXHLQFOX\HXQ$QH[R,GRQGHVHLQGLFDQ
WRGDVODVHQIHUPHGDGHVSURIHVLRQDOHV FLHQWtFDPHQWHSUREDGDV XQDOLVWDFHUUDGD SHURDVXYH]
LQFOX\HXQ$QH[R,,
(
  
GHHQIHUPHGDGHVTXHQRHVWiSUREDGRVXRULJHQ
ODERUDO SHUR TXH ,

  
+ +
 
(
+((
VHJ~QHOSURFHGLPLHQWRTXHHVWDEOHFHHO5' OLVWDDELHUWD 

#;":' &$ ' K&#

(QWUDHQHO,16+7 ZZZLQVKW
HV HQHODSDUWDGRGH1RUPDWLYD\EXVFDHOFXDGURGHHQIHUPHGDGHV SURIHVLRQDOHV HQ
HO5'3DUDYLVXDOL]DUPHMRUHOFRQWHQLGRGHO5'
SXOVDHOERWyQtQGLFHGHO5'
,QGLFDVLFUHHVTXHHQWXFLFOR
IRUPDWLYRHVWiVH[SXHVWRDDOJXQDHQIHUPHGDGSURIHVLRQDO

4XpRFXUUH (
 
+ VHFRQWUDHGHELGRDOWUDEDMRSHUR
 2

%(
 "(QHVWH
 KD\TXHGHPRVWUDUDQWHHO-X]JDGRTXHX  
\VLVHGHPXHVWUDODHQIHUPHGDG
  
 
  9
&ODVLFDFLyQGHHQIHUPHGDGHVSURIHVLRQDOHV
(QIHUPHGDGHVFDXVDGDVSRUDJHQWHVTXtPLFRV
(QIHUPHGDGHVFDXVDGDVSRUDJHQWHVItVLFRV
(QIHUPHGDGHVFDXVDGDVSRUDJHQWHVELROyJLFRV
(QIHUPHGDGHVSURIHVLRQDOHVFDXVDGDVSRUODLQKDODFLyQGHVXVWDQFLDV\DJHQWHVQRFRPSUHQGLGDVHQDSDUWDGRVDQWHULRUHV
(QIHUPHGDGHV SURIHVLRQDOHV GH OD SLHO FDXVDGDV SRU VXVWDQFLDV \
DJHQWHVQRFRPSUHQGLGRVHQDOJXQRGHORVRWURVDSDUWDGRV
(QIHUPHGDGHVSURIHVLRQDOHVFDXVDGDVSRUDJHQWHVFDQFHUtJHQRV

(MHPSORV
(OVDWXUQLVPRSURYRFDGRSRULQWR[LFDFLyQGHSORPR
(OVtQGURPHGHOGHGREODQFRSRUXVRGHKHUUDPLHQWDVYLEUDWRULDV
(OWpWDQRVSRUKHULGDVFRQFODYRVRKLHUUR
/DDVEHVWRVLVSRULQKDODFLyQGHSDUWtFXODVGHDPLDQWR
(OHF]HPDGHFHPHQWRSRUFRQWDFWRFRQHOFHPHQWR
(OFiQFHUSURIHVLRQDODGTXLULGRSRUFRQWDFWRFRQDJHQWHVTXtPLFRV
FDQFHUtJHQRV

+

 
+ +
FRQHO
  9

(ODFFLGHQWHGHWUDEDMRHVV~ELWRLQVWDQWiQHRRFXUUHGHIRUPDUHSHQWLQD\VHYHQODVOHVLRQHVGHIRUPD
LQPHGLDWD/DHQIHUPHGDGSURIHVLRQDO  
VXVHIHFWRVVXHOHQDSDUHFHUDOFDERGHORVDxRV\
HVWRVDXPHQWDQFRQIRUPHVHHVWiPiVWLHPSRH[SXHVWR
(ODFFLGHQWHHVWiPiVUHODFLRQDGRFRQODVFRQGLFLRQHVGHVHJXULGDGOXJDUHVLQVWDODFLRQHVHTXLSRV
PDTXLQDULDHWF/DHQIHUPHGDGSURIHVLRQDOVXHOHDSDUHFHUGHIRUPDOHQWDGHELGRDODV 



ItVLFDVTXtPLFDV\ELROyJLFDV
(QODHQIHUPHGDGSURIHVLRQDO( + 

(HQFLHUWDVSHUVRQDVORVVtQWRPDVVRQ
OHYHV\HQRWUDVPX\JUDYHVPLHQWUDVTXHHQHODFFLGHQWHORVHIHFWRVGHODFFLGHQWHVRQLGpQWLFRVSDUD
WRGRVORVTXHORVXIUHQ
& %  
+ +


&RQHO5'VHKDPRGLFDGRHOVLVWHPDGHQRWLFDFLyQ\UHJLVWURGHHQIHUPHGDGHVSURIHVLRQDOHV A 4 HO UHVSRQVDEOH GH FXPSOLPHQWDU HO SDUWH GH HQIHUPHGDGHV SURIHVLRQDOHV  
HPSUHVDULRPLHQWUDVTXHDKRUDHVOD0XWXDODTXHQRWLFD\UHJLVWUDHVWDVHQIHUPHGDGHV(O
KHFKRTXHIXHUDHOHPSUHVDULRHOTXHQRWLFDED\UHJLVWUDEDODVHQIHUPHGDGHVXQLGRDOODUJRSHULRGRGH
ODWHQFLDHQTXHDSDUHFLHVHQORVHIHFWRVGHDOJXQDVGHHOODVKDEtDSURYRFDGRXQVXEUHJLVWURGHHQIHUPHGDGHVSURIHVLRQDOHVHVGHFLUTXH 
( 
GHODVTXHUHDOPHQWHVHSURGXFtDQ0HQFLRQDUTXHHQODVHVWDGtVWLFDVHO 
7GHHQIHUPHGDGHVSURIHVLRQDOHVFRUUHVSRQGH
 WUDVWRUQRVP~VFXORHVTXHOpWLFRV\DGHUPDWRVLV HQIHUPHGDGHVGHODSLHO SURIHVLRQDOHV

C"'#D'" E;&<<<F

/D SUHVXQFLyQ GH TXH XQ


WUDEDMDGRU KD DGTXLULGR
XQD HQIHUPHGDG SURIHVLRQDOSRUHOFRQWDFWRFRQORV
SURGXFWRVVHxDODGRVHQOD
OLVWDVHPDQWLHQHDORODUJR
GHO WLHPSR SRU OR TXH XQ
WUDEDMDGRUSXHGHUHFODPDU
XQD HQIHUPHGDG SURIHVLRQDO DFWXDO SHUR FDXVDGD
SRU XQ WUDEDMR UHDOL]DGR
KDFH PXFKRV DxRV WDO
FRPR YLHQHQ UHFRQRFLHQGRQXPHURVDVVHQWHQFLDV

6

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




: 2 4
-XDQGHDxRVWUDEDMDGHVGHTXHWHQtDDxRVSDUDXQDHPSUHVDGHDYLDFLyQ6XWUDEDMRFRQVLVWHHQFRQWURODU\SRQHUDSXQWRORV
PRWRUHVGHDYLRQHV\UHDFWRUHVSDUDORFXDOGHEHHVWDUH[SXHVWRGXUDQWHVXMRUQDGDODERUDOGLDULDGHKRUDVDQLYHOHVFRQWLQXRVGHUXLGRVXSHULRUHVDG% $ (QHO~OWLPRUHFRQRFLPLHQWRPpGLFRSHULyGLFRTXHVHOHSUDFWLFDD-XDQHOPpGLFRGHOWUDEDMRKDGHWHFWDGRXQD
SpUGLGDFRQVLGHUDEOHGHFDSDFLGDGDXGLWLYD(OPpGLFRHQWLHQGHTXHVXIUHXQDKLSRDFXVLDRVRUGHUDSURIHVLRQDOHLQLFLDORVWUiPLWHVSDUDVX
GHFODUDFLyQFRPRHQIHUPHGDGSURIHVLRQDO6HWUDWDUHDOPHQWHGHXQDHQIHUPHGDGSURIHVLRQDO"
"(

3DUDTXHXQDHQIHUPHGDGVHGHQDFRPRHQIHUPHGDGSURIHVLRQDOVHGHEHQFXPSOLUWUHVUHTXLVLWRV
6HWUDWDGHXQWUDEDMDGRUSRUFXHQWDDMHQD
/DHQIHUPHGDGDSDUHFHHQODOLVWDGH(QIHUPHGDGHV3URIHVLRQDOHVGHO$QH[R,GHO5'FRPRKLSRDFXVLDRVRUGHUDSURIHVLRQDO
/DHQIHUPHGDGHVWiFDXVDGDSRUODDFFLyQGHORVHOHPHQWRVRVXVWDQFLDV\HQODVDFWLYLGDGHVTXHVHLQGLFDQHQHO$QH[R,GHO5'
\DTXHHOUXLGRDSDUHFHFRPRDJHQWHItVLFRHQODOLVWD\DGHPiVHVWiLQFOXLGDODDFWLYLGDGGHWUDEDMRVGHFRQWURO\SXHVWDD
SXQWRGHPRWRUHVGHDYLDFLyQUHDFWRUHVRGHSLVWyQFRPRXQDGHODVDFWLYLGDGHVSULQFLSDOHVFDSDFHVGHSURGXFLUODKLSRDFXVLDRVRUGHUD
SURIHVLRQDO

<<  +% 


/DIDWLJDODERUDOHVOD
(
   +, 
SDUDUHDOL]DUHOWUDEDMRGHELGRDO


/DIDWLJDSXHGHYHQLUSURGXFLGDSRUGRVFDXVDVSRUXQD% +,HQHOWUDEDMR HVIXHU]RVSRVWXUDVLQFyPRGDVHWF RSRUXQD % 
 PDQHMDUPXFKDLQIRUPDFLyQWRPDUGHFLVLRQHV
HQSRFRWLHPSRHWF GHDKtTXHVHKDEOHWDPELpQGHIDWLJDItVLFD\GHIDWLJDPHQWDO

&DUJDItVLFD

)DWLJDItVLFD

&DUJDPHQWDO

)DWLJDPHQWDO

D>'1&

<6<  
+

6L XQ WUDEDMDGRU HVSHUD XQ
EXHQKRUDULRSHURODUHDOLGDG
HV TXH OD HPSUHVD QR OH GD
HOKRUDULRHVSHUDGRVLHPSUH
TXH SDUD HO WUDEDMDGRU HVD
GLIHUHQFLD VHD LPSRUWDQWH
HVWDUiLQVDWLVIHFKRSXHVXQD
H[SHFWDWLYD FRQVLGHUDGD LPSRUWDQWHQRVHHVWiFXPSOLHQGR 6L RWUR WUDEDMDGRU WLHQH
OD PLVPD H[SHFWDWLYD SHUR
DQWHODPLVPDVLWXDFLyQGLFH
%XHQR QR WLHQH LPSRUWDQFLDQRHVWDUiLQVDWLVIHFKR

6

/DLQVDWLVIDFFLyQODERUDOHVXQDDFWLWXGJHQHUDOQHJDWLYDKDFLDHOWUDEDMRTXHSURFHGHGHOD +


  X %
UHVSHFWRDOWUDEDMR \ODUHDOLGDGGHORTXHHVHOWUDEDMR
  
TXH     +
)tMDWHHQHOHMHPSORGHOODWHUDOSDUDFRPSUHQGHUOR
PHMRU
(OORTXLHUHGHFLUTXHODH[LVWHQFLDGHLQVDWLVIDFFLyQQRVRORVHGHEHDFyPRHVHOWUDEDMRGHEXHQRR
PDORVLQRWDPELpQDODVH[SHFWDWLYDVTXHHOWUDEDMDGRUWLHQHJHQHUDGDVVREUHpO\DFXiQWDLPSRUWDQFLD
OHGDDTXHpVWDVVHFXPSODQRQR,QX\HQORV +   L<

<=< & 
9
 (
(VWiGHPRVWUDGRTXHFLHUWRVRSHUDULRVHQWUDEDMRVPX\SHQRVRVVXIUHQXQ %   GHELGRD
ODDFXPXODFLyQGH +% 
ORFXDOOHVSURYRFDXQDDFHOHUDFLyQGHOHQYHMHFLPLHQWRQRUPDO3RU
HOORDOJXQRVFROHFWLYRVFRPRORVWUDEDMDGRUHVGH
,WLHQHQXQDHGDGGHMXELODFLyQPiVWHPSUDQD




?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$

6< )  




 % 
4Xp+
H[LVWHHQWUHODVPHGLGDVGHSUHYHQFLyQ\GHSURWHFFLyQ"

0HGLGDVGH
SUHYHQFLyQ

$FW~DQ DQWHV GH TXH VH SURGX]FD HO DFFLGHQWH R FXDOTXLHU RWUR GDxR  GH PDQHUD TXH 




  (  (HQVXUDt]LQWHUYLQLHQGRVREUHHO+  %\HYLWDQGRDVt
TXHVHSURGX]FDHODFFLGHQWHXRWURGDxR
6LJXLHQGRFRQHOHMHPSORGHORVDXWRPyYLOHVXQDPHGLGDGHSUHYHQFLyQVHUtDQXQRV +
 '#"
TXHLQWHQWDQHYLWDUTXHOOHJXHDSURGXFLUVHHOFKRTXH

6RQDTXHOODVTXHQRHYLWDQHOULHVJRRSHOLJURVLQRTXHVHHQFDUJDQGH (  


 (

(
 YH   9<+D\VLWXDFLRQHVHQODVTXHODVPHGLGDVGHSUHYHQFLyQQRSXHGHQHYLWDUHODFFLGHQWHSRUORTXHVHDVXPHODSUHVHQFLDGHGHWHUPLQDGRJUDGRGH
ULHVJR\VHLQWHQWDUHGXFLUHOGDxR
0HGLGDVGH
SURWHFFLyQ

(QHOFDVRGHORVDXWRPyYLOHVVHUtDHO %(VXQDPHGLGDTXHQRHYLWDHODFFLGHQWHVLQRTXH
LQWHQWDPLQLPL]DUODVFRQVHFXHQFLDVVREUHODSHUVRQDODSURWHJH
([LVWHQ GHPHGLGDVGHSURWHFFLyQ TXHSURWHJHQDYDULRVWUDEDMDGRUHVD
ODYH]DO(     

 XQDUHGGHVHJXULGDGXQH[WUDFWRUGHKXPRV
HWF \ODVLQGLYLGXDOHVR HTXLSRVGHSURWHFFLyQLQGLYLGXDO (3,VFRPRJXDQWHVPDVFDULOODV
WDSRQHVHWF TXHVRORSURWHJHQ (
9GLUHFWDPHQWH

: 2 I
&ODVLFDODVVLJXLHQWHVPHGLGDVVHJ~QVHDQPHGLGDVGHSUHYHQFLyQRGHSURWHFFLyQ,QGLFDVREUHTXpHOHPHQWR IRFRPHGLRGHWUDQVPLVLyQ
RWUDEDMDGRU DFW~DQ
(QJUDVDUXQDPiTXLQDFRPRXQDDFWLYLGDGGHPDQWHQLPLHQWRSUHYHQWLYRSDUDUHGXFLUHOQLYHOGHUXLGRTXHJHQHUD
(QWUHJDUURSDHVSHFLDOFRQWUDHOIUtRDORVWUDEDMDGRUHVGHXQDOPDFpQGHFRQJHODGRV
'LVSRQHUXQDEDQGHMDGHEDMRGHORVHQYDVHVGHSURGXFWRVTXtPLFRVDOPDFHQDGRVSDUDUHFRJHUSRVLEOHVGHUUDPHV
(QWUHJDUXQDFUHPDIUHQWHSDUDODUDGLDFLyQVRODUDORVWUDEDMDGRUHVGHXQYLYHURGHSODQWDV
"(

 0HGLGDGHSUHYHQFLyQDFW~DVREUHHOIRFR (TXLSRGHSURWHFFLyQLQGLYLGXDODFW~DVREUHHOWUDEDMDGRU UHFHSWRU  0HGLGDGHSURWHFFLyQ


FROHFWLYDDFW~DVREUHHOPHGLR (TXLSRGHSURWHFFLyQLQGLYLGXDODFW~DVREUHHOWUDEDMDGRU UHFHSWRU 

-


-


-

(

DFW~DVREUH

DFW~DVREUH

DFW~DVREUH

(O+
6XVWLWXFLyQGHPiTXLQDV\
SURGXFWRVTXtPLFRV
5HSDUDFLRQHV\FRQVHUYDFLyQ
'LVHxRLQLFLDOGHHTXLSRV

(O  


%DUDQGLOODV\UHGHV
5HVJXDUGRVGHPiTXLQDV
3DQWDOODVIUHQWHDOUXLGR

(O9
0DVFDULOODVJXDQWHVERWDV
WDSRQHVRUHMHUDVHWF

6

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$




4Xp  
"
/D/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHVXWLOL]DFRPRSULQFLSLRIXQGDPHQWDOHOGHODSUHYHQFLyQSRU
ORTXHHQSULPHUOXJDUKD\TXHHYLWDUORVULHVJRVHQVXRULJHQ\HYDOXDUDTXHOORVTXHQRSXHGDQHYLWDUVH
SDUDSRVWHULRUPHQWHFRPRVHJXQGDPHGLGDXWLOL]DUWpFQLFDVGHSURWHFFLyQFROHFWLYDV\VLQRUHVXOWDVH
SRVLEOHRIXHUDQLQVXFLHQWHVHQ~OWLPROXJDUHPSOHDUWpFQLFDVGHSURWHFFLyQLQGLYLGXDO

: 2 @
(QXQDHPSUHVDGHFXUYDGRVGHWXERVGHPHWDOVHSURGXFHPXFKRUXLGRGHELGRDODPDTXLQDULD/RVWUDEDMDGRUHVVHKDQTXHMDGRSRUOR
TXHODHPSUHVDOHVRIUHFHFDVFRVTXHSURWHJHQIUHQWHDOUXLGRFRQVLGHUDQGRTXHFRQHOOR\DKDFXPSOLGRODVPHGLGDVGHSUHYHQFLyQ4Xp
PHGLGDVGHEHUtDWRPDUUHDOPHQWHODHPSUHVD\FRQTXpSULRULGDG""(

/DHPSUHVDGHEHUtDHQSULPHUOXJDUWRPDUPHGLGDVGHSUHYHQFLyQDFWXDQGRVREUHHOIRFRGHOULHVJRFRPRSRUHMHPSORVXVWLWX\HQGRODV
PiTXLQDVSRURWUDVPHQRVUXLGRVDVRDLVOiQGRODVOHMRVGHORVOXJDUHVGHWUDEDMR6LHOORQRIXHVHSRVLEOHRVXFLHQWHHQVHJXQGROXJDU
GHEHUtDWRPDUPHGLGDVGHSURWHFFLyQFROHFWLYDFRPRFRORFDUSDQWDOODVIUHQWHDOUXLGRTXHPLQLPLFHQHOYROXPHQTXHOOHJDDORVWUDEDMDGRUHV
<VLFRQODVDQWHULRUHVPHGLGDVWDPSRFRIXHVHSRVLEOHHOLPLQDUHOUXLGRVHHQWUHJDUtDQ(3,VFRPRFDVFRVRUHMHUDVRWDSRQHVSDUDSURWHJHU
LQGLYLGXDOPHQWHDORVWUDEDMDGRUHV

'H 15
  


/RVWLSRVGHWpFQLFDVGHSUHYHQFLyQVRQODVVLJXLHQWHV
7UDWDGHHYLWDUORV
  9SDUDORFXDOUHFRJHLQIRUPDFLyQVREUHORVDFFLGHQWHVRFXUULGRV\VXV
HVWDGtVWLFDV$VtORFDOL]DIRFRVGHULHVJR\SRVWHULRUPHQWHDFW~DVREUHODVFRQGLFLRQHVGHVHJXULGDGPiVSUREOHPiWLFDVFRPRODVLQVWDODFLRQHVOXJDUHVGHWUDEDMRHTXLSRV\PiTXLQDVSDUDHYLWDUORVULHVJRVHQVXRULJHQ
3UHYLHQHODV 
+ +
 SRUODSUHVHQFLDGHFRQWDPLQDQWHVItVLFRVTXtPLFRV\ELROyJLFRV
=  % 

3DUDHOORVHHQFDUJDGHUHFRJHUPXHVWUDVGHFRQWDPLQDQWHVYDORUDUVLVXSHUDQHOPi[LPRXPEUDOSHUPLWLGRSDUD
FRQVLGHUDUORVQRWy[LFRV\GHVHUDVtFRUUHJLUODVLWXDFLyQ
7UDWDGHHYLWDUOD+%HQHOWUDEDMRDGDSWDQGRHOWUDEDMRDOWUDEDMDGRU(OORORFRQVLJXHDWUDYpVGHOGLVHxRGHKHA
 7
UUDPLHQWDV\PiTXLQDVSDUDTXHQRSURGX]FDQIDWLJD\FRQHOGLVHxRGHORVSXHVWRVGHWUDEDMRHQFXDQWRDWLHPSRV
HVSDFLRVHWFSDUDTXHHOWUDEDMRVHDORPiVFyPRGRSRVLEOH\DOPLVPRWLHPSRDXPHQWHODSURGXFWLYLGDG
(VXQWpFQLFDGHOXFKDFRQWUDOD
+
ODERUDODWUDYpVGHPHGLGDVGHRUJDQL]DFLyQGHOWUDEDMR\GLVHxR
#  7
GHSXHVWRVSDUDTXHODPRWLYDFLyQODERUDO\ODVDWLVIDFFLyQODERUDOVHDQSRVLEOHV
(VHOFRQMXQWRGHWpFQLFDVPpGLFDVTXHWUDWDQGH
  5  (DFWXDQGRWDPELpQHQODFXUDFLyQ\UHKDELOLWDFLyQGHODHQIHUPHGDGRHODFFLGHQWH(QWUHVXVIXQFLRQHVVHHQFXHQWUDQODYDFXQDFLyQ\ORVUH0HGLFLQDGHOWUDEDMR FRQRFLPLHQWRVPpGLFRVSHULyGLFRVSULQFLSDOPHQWHVLELHQWDPELpQDFW~DQD\XGDQGRHQODFXUDFLyQ\UHKDELOLWDFLyQ
WUDVXQDFFLGHQWH
$


#H 15
  

(VWDVWpFQLFDVSURWHJHQDYDULRVWUDEDMDGRUHVGHORVSRVLEOHVGDxRVDOHVWDUHQFRQWDFWRFRQULHVJRVODERUDOHV/DVWpFQLFDVGHSURWHFFLyQQR
HYLWDQORVULHVJRVFRQYLYHQFRQHOORVSHURHQFDVRGHTXHVHPDWHULDOLFHQLQWHQWDQUHGXFLURHYLWDUORVGDxRVHQORVWUDEDMDGRUHV'%(
 
 5
  
PiVXVXDOHVVRQ
 
   %(IUHQWHDOULHVJRGHSRVLEOHVFDtGDV
 UHVJXDUGRVGHODVPiTXLQDVTXHLPSLGHQHOFRQWDFWRGHOWUDEDMDGRUFRQXQDSDUWHGHODPiTXLQDTXHHVSHOLJURVDGHPDQHUDTXHVH
HYLWHQORVJROSHVFRUWHVRDWUDSDPLHQWRV
   %(TXHLPSLGHQTXHXQWUDEDMDGRUUHDOLFHXQDPDQLREUDSHOLJURVD3RUHMHPSORXQD5( +5TXH
GHWHFWDHOFXHUSRKXPDQR FRPRHODVFHQVRU \GHWLHQHODPiTXLQDR (
 
TXHREOLJDDWHQHUODVGRVPDQRVRFXSDGDV\VLVH
VXHOWDXQDPDQRWDPELpQVHGHWLHQHHOIXQFLRQDPLHQWRGHODPiTXLQD
 

%
SDUDHYLWDUODSUHVHQFLDGHFRQWDPLQDQWHVTXtPLFRV
 
TXHHYLWDQODSUR\HFFLyQGHSDUWtFXODVVREUHHOWUDEDMDGRURODVSDQWDOODVDF~VWLFDVIUHQWHDOUXLGR

66




?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$

& /RVHTXLSRVGHSURWHFFLyQLQGLYLGXDO (3,V


6RQOD7  
 

GHULHVJRVODERUDOHV\DTXHSUHYLDPHQWHVHWLHQHQTXHWRPDU
ODVPHGLGDVGHSUHYHQFLyQ\ODVGHSURWHFFLyQFROHFWLYD
6HGHQHFRPRHTXLSRGHSURWHFFLyQLQGLYLGXDO FXDOTXLHUHTXLSRGHVWLQDGRDVHUOOHYDGRRVX0
MHWDGR SRU HO WUDEDMDGRU SDUD TXH OH SURWHMD GHXQRRYDULRVULHVJRVTXHSXHGDQDPHQD]DUVX
VHJXULGDGRVDOXGDVtFRPRFXDOTXLHUFRPSOHPHQWRRDFFHVRULRGHVWLQDGRDWDOQ
$  

&-!    9 
\ORVXQLIRUPHVTXHQRHVWpQHVSHFtFDPHQWHGHVWLQDGRVDSURWHJHUODVDOXGGHOWUDEDMDGRUORVHTXLSRVGHORVVHUYLFLRVGHVRFRUUR\VDOYDPHQWR
ORVHTXLSRVGHSURWHFFLyQLQGLYLGXDOGHORVPLOLWDUHVSROLFtDVSURWHFFLyQFLYLOORVHTXLSRVGHSURWHFFLyQ
LQGLYLGXDOGHORVPHGLRVGHWUDQVSRUWHSRUFDUUHWHUDHOPDWHULDOGHGHSRUWHHOPDWHULDOGHDXWRGHIHQVDR
GLVXDVLyQORVDSDUDWRVSRUWiWLOHVSDUDODGHWHFFLyQ\VHxDOL]DFLyQGHULHVJRV3RUHMHPSORORVXQLIRUPHV
GHWUDEDMR EDWDV GHORVYHQGHGRUHVGHXQDOPDFpQGHUHSXHVWRVQRVHFRQVLGHUDUtDQ(3,V

([LVWHQ7 &-!SDUDODVGLVWLQWDVSDUWHVGHOFXHUSRVLHQGR 2 ((


&DEH]D
2tGRV

2MRV\FDUD

9tDVUHVSLUDWRULDV

0DQRV\EUD]RV

3LHUQDV\SLHV

7URQFR\DEGRPHQ

7RWDOGHOFXHUSR

- F
*RUURVJRUUDVVRPEUHURV
7DSRQHV
2UHMHUDV
*DIDVGHPRQWXUD
3DQWDOODIDFLDO
3DQWDOODSDUDVROGDGXUD
0DVFDULOODOWUDQWHSDUWtFXODV
0DVFDULOODOWUDQWHJDVHV\YDSRUHV
*XDQWHVFRQWUDODVDJUHVLRQHVPHFiQLFDV SHUIRUDFLRQHVFRUWHV
\DQWLYLEUDWRULRV
*XDQWHVFRQWUDODVDJUHVLRQHVTXtPLFDV
*XDQWHVFRQWUDODVDJUHVLRQHVGHRULJHQHOpFWULFR\WpUPLFR
0DQRSODV\PDQJXLWRV
&DO]DGRGHVHJXULGDG
&DO]DGRGHSURWHFFLyQFRQWUDFDORUIUtR
&DO]DGRIUHQWHDODHOHFWULFLGDG
&KDOHFRVFKDTXHWDV\PDQGLOHVGHSURWHFFLyQFRQWUDODVDJUHVLRQHVPHFiQLFDVTXtPLFDV
&KDOHFRVWHUPyJHQRV\FKDOHFRVVDOYDYLGDV
0DQGLOHVGHSURWHFFLyQFRQWUDUD\RV;
)DMDV\FLQWXURQHVDQWLYLEUDFLRQHV
$UQHVHV
5RSDGHSURWHFFLyQ
(3,VFRQWUDODVFDtGDVGHDOWXUD

#;":' &$ ' K&#

/26(3,V
4Xp(3,VFUHHVTXHVRQQHFHVDULRVSDUDWUDEDMDUHQHOVHFWRU
GHWXFLFORIRUPDWLYR"
3XHGHVDFFHGHUDODSiJLQDZHE
GH$VHSDO ZZZDVHSDOHV TXH
HV XQD DVRFLDFLyQ TXH HQJORED
D  HPSUHVDV GHGLFDGDV DO
GLVHxRIDEULFDFLyQ\FRPHUFLDOL]DFLyQGHHTXLSRVGHSURWHFFLyQ
LQGLYLGXDO 3XHGHV VXVFULELUWH D
VXQHZVOHWWHUSDUDUHFLELUQRYHGDGHVVREUHHTXLSRVGHSURWHFFLyQLQGLYLGXDO
7DPELpQ SXHGHV DFFHGHU DO
,16+7 ZZZLQVKWHV  HO FXDO
GLVSRQH GH XQ SRUWDO WHPiWLFR
H[FOXVLYR SDUD HTXLSRV GH
SURWHFFLyQLQGLYLGXDO

: 2 3
/XLVWUDEDMDHQXQDIiEULFDPHWDO~UJLFDHQFDUJiQGRVHGHODVUHSDUDFLRQHVHOpFWULFDV\GHTXHWRGDVODVLQVWDODFLRQHVGHEDMDWHQVLyQHVWpQ
HQFRUUHFWRIXQFLRQDPLHQWR4Xp(3,VGHEHUiXWLOL]DU/XLVSDUDSURWHJHUOHGHORVSRVLEOHVULHVJRVODERUDOHV""(

/XLVGHEHUiXWLOL]DUXQRVJXDQWHVGLHOpWULFRV\XQFDO]DGRGHVHJXULGDGTXHOHSURWHMDQFRQWUDODHOHFWULFLGDG$GHPiVWDPELpQH[LVWHQFDVFRV
HVSHFLDOHVHOpFWULFDPHQWHDLVODQWHVSDUDDXPHQWDUODUHVLVWHQFLDDOSDVRGHODFRUULHQWHHOpFWULFDDVtFRPRURSDDLVODQWHIUHQWHDWHQVLRQHV
HOpFWULFDVGHKDVWDYROWLRV3RU~OWLPRGHEHUiXWLOL]DUDOJXQRVDFFHVRULRVFRPRSpUWLJDV\DOIRPEUDVTXHOHSURWHMDQGHOFRQWDFWRHOpFWULFR
RDXPHQWHQODUHVLVWHQFLD+D\TXHWHQHUHQFXHQWDTXHORV(3,VQRVRQHO~QLFRHOHPHQWRGHSURWHFFLyQ\KD\TXHDQWHSRQHUODVPHGLGDV
SUHYHQWLYDV\GHSURWHFFLyQFROHFWLYDTXHLQFLGDQHQODLQVWDODFLyQHOpFWULFD

6=

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$0/ %4%9/9A$




'
X "L
 "%(
6HxDOHVGHDGYHUWHQFLD

0DWHULDVLQDPDEOHV :
C  

6HxDOHVGHREOLJDFLyQ

:
C 

#
  
 #
  
 #
  

8
7 
 

6HxDOHVGH
 

9
  


:


  :

   :
  
#
  
 #
  
 #
  

 


7





47 
 

9
  


# 



5LHVJRHOpFWULFR

9
  

#
  
 #
    
 




7 
D  

:
  

47 
 



D  
  8

9
  


&DPSRPDJQpWLFR


D  
 8

7    

2EOLJDFLyQJHQHUDODFRPSDxDGDVL
SURFHGHGHXQDVHxDODGLFLRQDO

#
  

 

6HxDOHVGHSURKLELFLyQ
#

C  
D   

%DMDWHPSHUDWXUD

:
 


#
  
 

#
  
 

 


6HxDOHVGHVRFRUUR
#
  




:
 

 

AC 

A
 


7HOpIRQRSDUD


 

/




9
  

VHxDOLQGLFDWLYDLQLFLDODODVDQWHULRUHV

#
  
 



#
  

7 
 

 

9 


A
 

  



8 
/DYDGRGHORVRMRV

64




?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$0/ %4%9/9A$

: 2  


'H   % 
  3DXOD DFDED GH FRPHQ]DU D WUDEDMDU HQ XQ WDOOHU GH DUWHV
JUiFDV/DHPSUHVDOHLQIRUPDGHORVULHVJRVTXHSXHGHFRUUHUTXH
HVWiQUHODFLRQDGRVFRQHOPDQHMRGHODPDTXLQDULDHOUXLGRGHODV
LPSUHQWDV ODV SRVWXUDV GH SLH \ OD PDQLSXODFLyQ PDQXDO GH FDMDV
GHNJGHSDSHO4XpIDFWRUHVGHULHVJRH[LVWHQHQVXWUDEDMR"
&ODVLItFDORV
  &ODVLFD ORV VLJXLHQWHV IDFWRUHV GH ULHVJR HQ HO JUXSR DO
TXH SHUWHQH]FDQ FRQGLFLRQHV GH VHJXULGDG PHGLRDPELHQWDOHV
HUJRQyPLFDVRSVLFRVRFLDOHV
D (OHVIXHU]RGHOHYDQWDUXQDFDMDGHOVXHOR
E 8QSLQWRUHQFLPDGHXQDHVFDOHUD
F (OPDQHMRGHXQDVLHUUDFLUFXODUSDUDFRUWDUPDGHUD
G (OWUDEDMRGHXQYLJLODQWHQRFWXUQR
H (OPDQHMRGHXQDFDUUHWLOODHOHYDGRUDSRUSDUWHGHXQPHQRUGH
HGDGVLQH[SHULHQFLD
I (OXVRGHiFLGRFRUURVLYRHQXQODERUDWRULR
J (OH[FHVRGHUXLGR\JDVHVHQHOWDOOHU

G 8QDGHSUHVLyQSURGXFLGDSRUDFRVRODERUDOODFXDOVHGHPXHVWUD
HQHOMXLFLRTXHHVWiYLQFXODGDDOWUDEDMR
H  -DYLHU VH FRUWD FRQ OD FHSLOODGRUD HQ HO WDOOHU GH FDUSLQWHUtD DO
GLVWUDHUVHSRUXQRVJULWRVTXHR\HHQHOH[WHULRU
I -XOLiQDOEDxLOH[SHULPHQWDGRVXIUHXQDFDtGDFRQFRQVHFXHQFLDV
JUDYHVSXHVGHFLGHTXHpOSDUDPHWURVGHDOWXUDQRVHSRQHHO
DUQpV
 -DYL3HGUR\0DUtDWUDEDMDQGHFRFLQHURVHQXQUHVWDXUDQWH0DUtD
HQWUyKDFHSRFRDWUDEDMDU\QRVDEHQLOHKDQLQIRUPDGRVREUHTXp
ULHVJRVODERUDOHVSXHGHQH[LVWLUHQODFRFLQD-DYL\3HGURUHDOL]DURQ
KDFH XQRV FXDQWRV DxRV XQ FXUVR GH SUHYHQFLyQ SRU OR TXH DPERV
VDEHQTXpULHVJRVH[LVWHQ6LQHPEDUJRQRVDEHQFyPRDFWXDUSDUD
HYLWDU ORV ULHVJRV TXH SXHGHQ DSDUHFHU SXHV UHFXHUGDQ TXH IXH XQ
FXUVRPiVWHyULFRTXHSUiFWLFR-DYLVtTXHDSUHQGLyFyPRHYLWDUODV
TXHPDGXUDVHQODFRFLQDSHURGLFHTXHHVPX\HQJRUURVR\VHSLHUGHPXFKRWLHPSRFRQWDQWDPHGLGDGHSURWHFFLyQ6HxDODTXpFDXVDV
KXPDQDVSXHGHQDWULEXLUVHHQODDSDULFLyQGHXQDFFLGHQWHSDUDFDGD
XQRGHORVWUDEDMDGRUHV

:H )  

V 

 6HxDODODVGLIHUHQFLDVHQWUHXQUHVJXDUGRXQDSDQWDOOD\ORVGLVSRVLWLYRVGHVHJXULGDG&yPRSURWHJHQGHIRUPDFROHFWLYDFDGDXQD
GHHVWDVPHGLGDV"

K (OFRQWDJLRGHEUXFHORVLVSRUFRQWDFWRFRQDQLPDOHV

6HxDODVLHQHOVHFWRUGHWXFLFORIRUPDWLYRVHXVDDOJXQRVGHHVWRV
UHVJXDUGRV\TXpIXQFLyQWLHQHQ

#H '
  9

&RQRFHVDOJ~QFDVRHQTXHXQWUDEDMDGRUKD\DSXHVWRIXHUDGHIXQFLRQDPLHQWRHVWDVPHGLGDV"

 &ODVLFDORVVLJXLHQWHVDFFLGHQWHVGHVGHHOSXQWRGHYLVWDGHOD
SUHYHQFLyQHQDFFLGHQWHWtSLFRFDVREODQFRRLQFLGHQWHHLQGLFDSRU
TXp

  4XpGLIHUHQFLDVH[LVWHQHQWUHODVPHGLGDVGHSUHYHQFLyQ\ODV
PHGLGDVGHSURWHFFLyQ"4XpRUGHQWLHQHTXHVHJXLUODHPSUHVDDOD
KRUDGHHQWUHJDUORV(3,VXWLOL]DUODVPHGLGDVGHSURWHFFLyQFROHFWLYD
\ODVPHGLGDVGHSUHYHQFLyQ"

D  /D FDtGD GH XQD VXVWDQFLD TXtPLFD FRUURVLYD HQ OD PHVD GH
ODERUDWRULR OD FXDO TXHGD LQVHUYLEOH $OJXQRV WUDEDMDGRUHV VXIUHQ
OHVLRQHVHQODSLHOSRUVDOSLFDGXUDV
E 8QDUPDULROOHQRGHOHJLVODFLyQFRQHO%2(FDHHQFLPDGHODPHVD
GHORVDGPLQLVWUDWLYRVTXHHQHVHPRPHQWRQRVHHQFXHQWUDQDOOtSRUTXHKDQLGRDWRPDUFDIp
F 8QUHVJXDUGRGHXQDPiTXLQDTXHHYLWDTXHORVWUDEDMDGRUHVHQWUHQ
HQFRQWDFWRFRQHOODVHGHVEORTXHD\FDHDOVXHOR(OWUDEDMDGRUGHWLHQHODPiTXLQDLQPHGLDWDPHQWHFRQODSDUDGDGHHPHUJHQFLDDQWHVGH
TXHDOJXLHQVHFRUWH
 ,QGLFDVLODVVLJXLHQWHVVLWXDFLRQHVVRQDFFLGHQWHGHWUDEDMRRQR
GHVGHXQSXQWRGHYLVWDOHJDO5D]RQDSRUTXp
D 8QDWRUFHGXUDGHWRELOORGHXQWUDEDMDGRUDOEDMDUODDFHUDFXDQGR
VDOtDGHODSXHUWDGHVXFDVDSDUDGLULJLUVHDOWUDEDMR
E 8QWUDEDMDGRUTXHVXIUHXQDTXHPDGXUDDOWRFDUXQDPiTXLQDTXH
VHHQFXHQWUDDHOHYDGDWHPSHUDWXUD
F  5RVDQD WUDEDMD GH DGPLQLVWUDWLYD 3RU RUGHQ GHO MHIH D\XGD D
PRQWDUXQDHVWDQWHUtDHQHODOPDFpQSHURSRUVXHQRUPHSHVRVHOH
FDHHQFLPDGHOSLH

5HVXHOYH D FRQWLQXDFLyQ HO VLJXLHQWH FDVR$QD %HOpQ WUDEDMD HQ XQ


ODERUDWRULRTXHVHGHGLFDDOWLQWDGRGHSDSHOSDUDORFXDOXWLOL]DFORUR
/DHPSUHVDOHHQWUHJDODPDVFDULOODSDUDFXPSOLUFRQODVPHGLGDVGH
SUHYHQFLyQOHJDOHV$QD%HOpQQRHVWiPX\FRQIRUPHSXHVSLHQVDTXH
ODHPSUHVDSRGUtDKDFHUDOJRPiVSDUDSUHYHQLUORVULHVJRVTXHGDUOH
XQDVLPSOHPDVFDULOOD4XpPHGLGDVGHSUHYHQFLyQ\SURWHFFLyQFROHFWLYDSRGUtDWRPDUODHPSUHVDGHIRUPDSUHYLDDODHQWUHJDGH(3,V"
 ,QGLFDHQODVVLJXLHQWHVDFWXDFLRQHVDTXpWpFQLFDSUHYHQWLYDKDFHQUHIHUHQFLD VHJXULGDGKLJLHQHLQGXVWULDOHUJRQRPtDSVLFRVRFLRORJtDRPHGLFLQDSUHYHQWLYD 
D 5HDOL]DUXQUHFRQRFLPLHQWRPpGLFRDQXDO
E /OHYDUDFDERPHGLFLRQHVGHFRQWDPLQDQWHVTXtPLFRV\DQDOL]DUORV
HQHOODERUDWRULRSDUDFRPSUREDUODGRVLVDODTXHVHHVWiH[SXHVWR
F 'LVHxDUGLVSRVLWLYRVVHJXURVSDUDHOXVRGHKHUUDPLHQWDVHOpFWULFDV
TXHLPSLGDQHOFRQWDFWRHOpFWULFR
G (OHJLUVLOODV\PRELOLDULRTXHVHDQPiVFyPRGRV
H  2UJDQL]DU HO WUDEDMR D WUDYpV GH URWDFLyQ GH WDUHDV SDUD HYLWDU OD
PRQRWRQtD

6I

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$0/ %4%9/9A$


. 





:H &
+ +
 +%  
+

'H :
  ( 


 1RHVFLHUWRTXHUHVSHFWRDODHQIHUPHGDGSURIH0



 8QULHVJRODERUDOHV
D &XDOTXLHUFDUDFWHUtVWLFDGHOWUDEDMRTXHSXHGHLQXLUHQTXHDSDUH]FD
XQDFFLGHQWH

D ([LVWDXQVLVWHPDPL[WRSDUDVDEHUVLHVHQIHUPHGDGSURIHVLRQDOR
QRGRQGHKD\XQDOLVWDFHUUDGD\RWUDOLVWDDELHUWDFRQSRVLELOLGDG
GHLQFOXLUVH

E 8QSHOLJURJUDYHSDUDHOWUDEDMDGRU

E /DOLVWDFHUUDGDHVWiFRPSXHVWDHQJUXSRVGHHQIHUPHGDGHV

F  /DSRVLELOLGDGGHVXIULUXQGDxRSRUHOWUDEDMR

F  /R TXH GHVWDFD GH OD HQIHUPHGDG SURIHVLRQDO HV TXH VXV HIHFWRV
VRQLQPHGLDWRVORTXHIDFLOLWDVXGLDJQyVWLFR\UHODFLyQFRQHOWUDEDMR
TXHVHHVWiHMHUFLHQGR

 (OFRQMXQWRGHPHGLGDVSDUDHYLWDURGLVPLQXLUORV
%  
   +
 
D /DVFRQGLFLRQHVGHVHJXULGDG

G 7RGDVVRQIDOVDV

E /DVFRQGLFLRQHVPHGLRDPELHQWDOHV

 ,QGLFDFXiOGHODVVLJXLHQWHVVLWXDFLRQHVVHSURGX0
 (
%  % 


F  /DSUHYHQFLyQGHULHVJRVODERUDOHV

D 0DQHMDUERELQDVGHNJHQXQDOPDFpQ

G /DOHJLVODFLyQHQSUHYHQFLyQ

E 5HDOL]DUOODPDGDVWHOHIyQLFDVGXUDQWHKRUDVDOGtDSDUDSURPRFLRQDUODFRPSUDGHXQVHUYLFLRGHWHOHIRQtDPyYLO

#H '
  9
 3DUD TXH GHVGH HO SXQWR GH YLVWD OHJDO H[LVWD XQ

  9
D 'HEHQH[LVWLUGDxRVPDWHULDOHV
E 'HEHQH[LVWLUOHVLRQHVHQODVSHUVRQDV
F  1RHVSUHFLVRXQDUHODFLyQFDXVDHIHFWRHQWUHWUDEDMR\DFFLGHQWH

F  8QWUDEDMDGRUTXHHVSHUDEDVHUSURPRFLRQDGRHQODHPSUHVDFRQ
XQVXHOGRHOHYDGR\VLJXHHQHOPLVPRSXHVWR

H )  

V 

 /D GLIHUHQFLD HQWUH ODV PHGLGDV GH SURWHFFLyQ


FROHFWLYD\ODVPHGLGDVGHSUHYHQFLyQHVTXH

G 1LQJXQDHVFLHUWD

D (QSULPHUOXJDUVHDSOLFDQODVGHSURWHFFLyQFROHFWLYD \GHVSXpV
XQDYH]SURWHJLGRVHDSOLFDQODVGHSUHYHQFLyQ

 8QDLPSUXGHQFLDSURIHVLRQDOGHXQWUDEDMDGRUTXH

 (

 
  9

E /DVGHSUHYHQFLyQVHDSOLFDQVREUHHOIRFRVREUHHORULJHQ\ODVGH
SURWHFFLyQFROHFWLYDVREUHHOWUDEDMDGRU

D 1RHVFRQVLGHUDGRDFFLGHQWHGHWUDEDMRSRUVHULPSUXGHQFLD

F  /DVGHSUHYHQFLyQVHDSOLFDQVREUHHOIRFR\GHVSXpVVHDSOLFDQODV
GHSURWHFFLyQFROHFWLYDVREUHHOPHGLRGHWUDQVPLVLyQ

E 1RHVFRQVLGHUDGRDFFLGHQWHGHWUDEDMRVLKD\IDOWDGHPHGLGDVGH
SUHYHQFLyQGHODHPSUHVD
F  (VFRQVLGHUDGRDFFLGHQWHGHWUDEDMRVLHVGHELGRDOHMHUFLFLRKDELWXDOGHOWUDEDMR\ODFRQDQ]DTXHpVWHLQVSLUD
G (VFRQVLGHUDGRDFFLGHQWHGHWUDEDMRVRORVLHVSRUUHDOL]DUWDUHDV
GLVWLQWDVGHVXFDWHJRUtDSURIHVLRQDO\GHDKtODLPSUXGHQFLD
 'HVGHHOSXQWRGHYLVWDGHODSUHYHQFLyQSDUDTXH
X (

  9
D 1RVHSUHFLVDTXHH[LVWDQOHVLRQHVHQODVSHUVRQDV

 1RHVXQDWpFQLFDGHSURWHFFLyQFROHFWLYD
D /DVUHGHVGHVHJXULGDG
E /DKLJLHQHLQGXVWUXLDO
F  /RVGLVSRVLWLYRVGHVHJXULGDG
G /DYHQWLODFLyQJHQHUDO
 /DWpFQLFDSUHYHQWLYDTXHWUDWDGHHYLWDUODIDWLJD
  9 

E &XDOTXLHU DFRQWHFLPLHQWR QR SUHYLVWR DQRUPDO TXH LQWHUUXPSD OD


DFWLYLGDG\TXHSXHGDOOHJDUDRFDVLRQDUOHVLRQHV\DVHFRQVLGHUD
DFFLGHQWHGHWUDEDMR

D /DVHJXULGDG

F  ,QFOX\HWDPELpQORVLQFLGHQWHVGRQGHQRKD\OHVLRQHVRGDxRV

F  /DPHGLFLQDGHOWUDEDMR

G 7RGDVVRQFLHUWDV

G /DSVLFRVRFLRORJtD

6@

E /DHUJRQRPtD




?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$0/ %4%9/9A$


(172512/$%25$/

&"1'D"1!:'" '::!&$1&" '# .'&"


1 
  9 
$&&,'(17(6'(75$%$-2&21%$-$
$FFLGHQWHVFRQEDMDHQMRUQDGDGHWUDEDMR
/HYHV
*UDYHV
0RUWDOHV

$FFLGHQWHVLQLWLQHUH
$&&,'(17(6'(75$%$-26,1%$-$
&
+ +
 











5HODFLyQHQWUHDFFLGHQWHVGHWUDEDMR\DQWLJHGDGHQDxRVHQODHPSUHVD
'::!&$1&" &$ > .$'' & 1.'#'>
"&J^$ '  .)' : $1':1 YH
&RQWDFWRFRQFRUULHQWHHOpFWULFDIXHJRWHPSHUDWXUDVXVWDQFLDVSHOLJURVDV
$KRJDPLHQWRTXHGDUVHSXOWDGRTXHGDUHQYXHOWR
*ROSHVREUHXQREMHWRLQPyYLO WUDEDMDGRUHQPRYLPLHQWR
&KRTXHRJROSHFRQWUDXQREMHWRHQPRYLPLHQWRFROLVLyQ
&RQWDFWRFRQDJHQWHPDWHULDOFRUWDQWHSXQ]DQWHGXUR
4XHGDUDWUDSDGRVHUDSODVWDGRVXIULUXQDDPSXWDFLyQ
6REUHHVIXHU]RItVLFRVREUHHOVLVWHPDPXVFXORHVTXHOpWLFR
7UDXPDSVtTXLFRH[SRVLFLyQDUDGLDFLRQHVUXLGROX]RSUHVLyQ
0RUGHGXUDVSLFDGXUDVSDWDGDVHWF GHDQLPDOHVRSHUVRQDV
,QIDUWRVGHUUDPHVFHUHEUDOHV\RWUDVSDWRORJtDVQRWUDXPiWLFDV
$FFLGHQWHVGHWUiFR QRLQLWLQHUH
2WURFRQWDFWRQRLQFOXLGRHQORVDQWHULRUHVDSDUWDGRV

1 1'

&?&"

=<=I3

634<I3

J.'?&"

6<4@

) .1'&"

=


















































-

)8(17($QXDULRGHHVWDGtVWLFDVGHO0LQLVWHULRGH(PSOHR\GHOD6HJXULGDG6RFLDO'RFXPHQWRV$7(\$7(

D &XiQWRVDFFLGHQWHFRQEDMD\VLQEDMDKXERHQ"<HQWRWDO"
E $TXpHVGHELGRTXHDSDUH]FDHOFRQFHSWRGHDFFLGHQWHGHWUDEDMRVLQEDMD"4XpVLJQLFD"4XpWLSRGHDFFLGHQWHVVRQORVTXHYLHQHQ
DTXtUHFRJLGRV" 5HFXHUGDORVWLSRVGHDFLGHQWHVHQIXQFLyQGHODVOHVLRQHVSHUVRQDOHV\RORVGDxRVPDWHULDOHV 
F 4XpVRQORVDFFLGHQWHVLQLWLQHUH"&XiQWRVKDQKDELGR"
G &XiQWRVWUDEDMDGRUHVKDQIDOOHFLGRGXUDQWHHODxRGHELGRDOWUDEDMR"4XpSRUFHQWDMHVXSRQHQUHVSHFWRDOWRWDO"4XpSRUFHQWDMHKD\
GHDFFLGHQWHVOHYHV\JUDYHV"
H &XiQWDVHQIHUPHGDGHVSURIHVLRQDOHVVHKDQUHJLVWUDGRHQ"$TXpFUHHVTXHHVGHELGRTXHVHDEDVWDQWHPiVLQIHULRU"
I &XiOHVVRQODVFDXVDVSULQFLSDOHVGHDFFLGHQWHVVHJ~QODIRUPDRHOFRQWDFWR"2UGpQDODVGHPD\RUDPHQRU2UGHQDWDPELpQGHPD\RUD
PHQRUODVFDXVDVGHDFFLGHQWHVPRUWDOHV
J ([LVWHXQDUHODFLyQHQWUHODWHPSRUDOLGDGHQODHPSUHVD\ODSUREDELOLGDGGHVXIULUXQDFFLGHQWH"$TXpFUHHVTXHHVGHELGR"
K &UHHVTXHODVFDXVDVTXHVHLQGLFDQDSDUHFHQHQHOWUDEDMRTXHVHUHDOL]DHQWXVHFWRUIRUPDWLYR"&XiOHV"4XpRSLQDVGHHVWDVHVWDGtVWLFDV"
6HxDODORTXHPiVWHKDOODPDGRODDWHQFLyQ

63

?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

'::!&$1&" ) .1'&" W J.'?&"


2  
7  ,GHDFFLGHQWHVODERUDOHVPRUWDOHV\JUDYHV 
 (

 
'H
ODVVLJXLHQWHVQRWLFLDVVREUHDFFLGHQWHVGHWUDEDMRHOLJHODVTXHPiVVHDSUR[LPHQDWXVHFWRURTXHPiVWHOODPHQODDWHQFLyQHLQGLFDDTXpVHGHEHHO
DFFLGHQWH\TXpVHSRGUtDKDEHUKHFKRSDUDKDEHUORHYLWDGR3XHGHVHOHJLURWUDVQRWLFLDVPiVDOHMDGDVHQHOWLHPSRHQHOPLVPREXVFDGRU KWWSHOSDLVFRP
WDJDFFLGHQWHVBODERUDOHVD RELHQXWLOL]DURWURVEXVFDGRUHVGHRWURVSHULyGLFRV'HVSXpVRUJDQL]DUJUXSRVGHDOXPQRV\UHDOL]DUXQDSUHVHQWDFLyQHQ
FODVHGHPLQXWRVGRQGHH[SRQJiLVYXHVWUDVQRWLFLDVHOHJLGDVLQGLFDQGRODVFDXVDV\TXpPHGLGDVVHGHEHUtDQKDEHUWRPDGRSDUDHYLWDUHODFFLGHQWH
 0XHUH XQ WUDEDMDGRU DO FDHU GH XQ DQGDPLR D FXDWUR PHWURV GH 8QREUHURPXHUHSRUXQDGHVFDUJDHOpFWULFD\RWURVGRVVXIUHQ
DOWXUD
KHULGDV
8QREUHURJUDYHDOGHUUXPEDUVHODSDUHGGHOSR]RHQHOTXHWUDED- +HULGRJUDYHXQWUDEDMDGRUDOFDHUGHXQDQGDPLRHQ9HQWXUDGD
MDED
+HULGRVOHYHVGRVRSHUDULRVGH(QGHVDDOUHSDUDUXQFDEOH
0XHUHDSODVWDGRXQWUDEDMDGRUHQODVPLQDVGH,EHUSRWDVK
+HULGRJUDYHXQWUDEDMDGRUFKLQRHQHOLQFHQGLRGHXQUHVWDXUDQWH
3DURV\PRYLOL]DFLRQHVSRUHORSHUDULRGHPRQWDMHVPXHUWRHQ7X8QWUDEDMDGRUPXHUHWUDVVXIULUHOLPSDFWRGHXQDURHQODFDEH]D
EDFH[
,QWR[LFDFLyQHQODFDOOH0D\RU
 8Q RSHUDULR IDOOHFH HQ ODV REUDV GHO WUHQ GH DOWD YHORFLGDG HQ OD
7UHVSHUVRQDVKHULGDVWUDVFDHUVHGHVGHXQDQGDPLRHQ)HUURO
6DJUHUD
0XHUHQGRVWUDEDMDGRUHVWUDVDUGHUXQDLQVWDODFLyQHOpFWULFDHQOD )DOOHFHXQRSHUDULRGHDxRVHQXQDFFLGHQWHODERUDOHQ&DPEDGRV
0
0XHUHXQWUDEDMDGRUWUDVSUHFLSLWDUVHDOYDFtRHQ0RQWVHUUDW

8QWUDEDMDGRUPX\JUDYHWUDVFDHUGHXQDQGDPLRHQ$OFDOi

0XHUHQGRVWUDEDMDGRUHVPLHQWUDVOLPSLDEDQXQDIRVDVpSWLFD

0XHUHXQWUDEDMDGRUHQ/HJDQpVDOFDHUOHHQFLPDXQFRQWHQHGRU

)DOOHFHXQEDVXUHURWUDVFDHUVREUHpOXQDLQVWDODFLyQGHVHLVWR- 0XHUHXQWUDEDMDGRUWUDVFDHUOHXQDWXEHUtDHQFLPDHQ0yVWROHV
QHODGDV
+HULGRGHJUDYHGDGXQKRPEUHDOFDHUOHHQFLPDODSXHUWDGHXQ
0XHUHHOHFWURFXWDGRXQWUDEDMDGRUHQXQDREUDGH0HWURGH0DGULG JDUDMH0XHUHXQWUDEDMDGRUDOFDHUVHGHXQDSODWDIRUPDHOHYDGRUDHQ6HDW
0XHUHXQWUDEDMDGRUWUDVODFDtGDGHGRVSDOpVGHNJ
7UHVKHULGRVJUDYHVHQODH[SORVLyQGHXQDFKDWDUUHUtDGH+X8QKRPEUHGHDxRVPXHUHDSODVWDGRHQXQDIiEULFDGH$OFDOi
PDQHV
)DOOHFHXQKRPEUHHQXQDH[SORVLyQHQ&DUUDO $&RUXxD
'RVKHULGRVDOTXHPDUVHFRQDJXDKLUYLHQGRHQXQDLQFLQHUDGRUD
8QRSHUDULRPXHUWR\GRVKHULGRVDOFDHUXQDJU~DHQ)HUURO
GH7DUUDJRQD
0XHUHQVHLVWUDEDMDGRUHVHQXQDFFLGHQWHHQXQDPLQDGH&RDKXOLD 0XHUHXQWUDEDMDGRUHQ&RUQHOOjDOFDHUGHVGHPHWURV
)DOOHFHXQWUDEDMDGRUHQ1iTXHUDWUDVFDHUOHHQFLPDXQDFDUUHWLOOD &XDWURPXHUWRVHQXQDFFLGHQWHODERUDOHQODVREUDVGHXQHPHOHYDGRUD
EDOVHHQ%XUJRV
+HULGRGHJUDYHGDGXQREUHURFRQTXHPDGXUDVHQHOGHVX 0XHUHXQWUDEDMDGRUDSODVWDGRWUDVFDHUOHXQPXURHQFLPD
FXHUSR
8QWUDEDMDGRUSLHUGHGRVGHGRVHQXQDFFLGHQWHODERUDO
0XHUHDWURSHOODGRSRUXQFDPLyQXQRSHUDULRGHOSXHUWRGH%DU8QWUDEDMDGRUPXHUHHQXQDFFLGHQWHODERUDOHQ*HWDIH
FHORQD
0XHUHXQRSHUDULRDOTXHGDUDWUDSDGRHQXQDPiTXLQDHQ%DU8QPXHUWR\RQFHKHULGRVHQXQDSDQLFDGRUDGH=XPDLD
FHORQD
'RVHPSOHDGRVGHXQDGHSXUDGRUDJUDYHVSRUXQHVFDSHWy[LFR
0XHUHXQWUDEDMDGRUDOFDHUGHOWHMDGRGHXQHGLFLRPXQLFLSDOHQ
'RVKHULGRVHQ2QGDWUDVODH[SORVLyQHQXQDSLURWHFQLD
$OFDOiGH+HQDUHV
0XHUHXQWUDEDMDGRUDOFDHUGHELGRDOYLHQWRPLHQWUDVIXPLJDED

'RVPXHUWRVHQXQDFFLGHQWHODERUDOHQ$OFRUFyQ

8QREUHURPXHUHVHSXOWDGRHQOD]DQMDHQODTXHWUDEDMDEDHQ 7UHVKHULGRVHQXQDFFLGHQWHODERUDOHQODIiEULFD'DPPHQ(O
'pQLD
3UDW
)DOOHFHXQWUDEDMDGRUHQ9LODJDUFtDWUDVVXIULUXQDGHVFDUJDHOpF- 7UHVPXHUWRVSRUDFFLGHQWHODERUDOHQFLQFRGtDVHQOD&RPXQLWULFD

)DOOHFHXQDQWHQLVWDDOFDHUDOYDFtRGHVGHXQVH[WRSLVRHQ$OL- (QHVWDGRFUtWLFRXQWUDEDMDGRUDUUROODGRSRUXQDXWRE~V
FDQWH
$FFLGHQWHODERUDOPRUWDOHQ*HWDIH

=

?  3

!
  
E
  
 8 
: $1&$! "
1!  

  


*!
 8  
 

3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODSUHYHQFLyQGHULHVJRV
2!  
 


#>&1!? "
0
       
    
    
TXHVHGHULYDQSDUDHPSUHVDULRV\WUDEDMDGRUHV
09  
     
 8  
    
GHSDUWLFLSDFLyQGHORVWUDEDMDGRUHV
0

     
  
 
0/ 

  
7 
 C    

ODVUHVSRQVDELOLGDGHVGHHPSUHVDULRV\WUDEDMDGRUHV

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J




< %
 


% 
<< )

/DQRUPDWLYDVREUHSUHYHQFLyQGHULHVJRVODERUDOHVODSRGHPRVRUJDQL]DUHQQLYHOHVODVQRUPDVLQWHUQDFLRQDOHVGRQGHGHVWDFDOD'LUHFWLYDGHOD8(GHOD&RQVWLWXFLyQ(VSDxRODTXHUHFRJHODVHJXULGDGHKLJLHQHHQHOWUDEDMRODOH\EiVLFDTXHUHJXODODSUHYHQFLyQTXHHVOD/H\GH3UHYHQFLyQGH5LHVJRV
/DERUDOHVGH\SRU~OWLPRXQDPXOWLWXGGH5HDOHV'HFUHWRVTXHGHVDUUROODQFDGDULHVJRHQFRQFUHWR

1RUPDV
LQWHUQDFLRQDOHV

 !1DWUDYpVGHVXV

 


FRPRHO&RQYHQLRQGHVREUHVHJXULGDG\VDOXGGHORVWUDEDMDGRUHV\PHGLRDPELHQWHGHWUDEDMR
$   ;&VLHQGRODPiVLPSRUWDQWHOD ) @3V3V:&&TXHDERUGDHOWHPD
GHODRUJDQL]DFLyQGHOWUDEDMRHQODHPSUHVDORVGHUHFKRV\REOLJDFLRQHV\ODSDUWLFLSDFLyQGHORV
WUDEDMDGRUHVHQPDWHULDGHSUHYHQFLyQ$GHPiVH[LVWHQRWUDV'LUHFWLYDVPiVHVSHFtFDVGHULHVJRV
ODERUDOHVPiVFRQFUHWRV7RGDVODVGLUHFWLYDVGHEHQVHUWUDVODGDGDVDQRUPDWLYDLQWHUQDHQ(VSDxD

&RQVWLWXFLyQ
(VSDxROD

(ODUWtFXORGHOD:
(
VHxDODTXHORVSRGHUHVS~EOLFRVGHEHQYHODUSRUODVHJXULGDGH
KLJLHQHGHORVWUDEDMDGRUHVHQEDVHDORFXDOIXHDSUREDGDODOH\GHSUHYHQFLyQGHULHVJRVODERUDOHV

/HJLVODFLyQ
EiVLFD

   -

 .% OH\
(O5HDO'HFUHWRTXHUHJXODHO5HJODPHQWRGHORV"  -



/HJLVODFLyQ
HVSHFtFD

([LVWHQPXOWLWXGGH 5HDOHV 'HFUHWRV TXH GHVDUUROODQ FDGDXQRGHORVULHVJRVODERUDOHVDVt


FRPRVXVPHGLGDVFRQFUHWDVGHSUHYHQFLyQ\SURWHFFLyQ$OJXQRVVRQ
5'VREUHVHxDOL]DFLyQGHVHJXULGDG\VDOXGHQHOWUDEDMR
5'VREUHVHJXULGDG\VDOXGHQOXJDUHVGHWUDEDMR
5'VREUHPDQLSXODFLyQPDQXDOGHFDUJDV
5'VREUHWUDEDMRFRQHTXLSRVGHYLVXDOL]DFLyQGHGDWRV
5'VREUHH[SRVLFLyQDDJHQWHVELROyJLFRVHQHOWUDEDMR
5'VREUHH[SRVLFLyQDDJHQWHVFDQFHUtJHQRVHQHOWUDEDMR
5'VREUHXWLOL]DFLyQGH(3,V
5'VREUHXWLOL]DFLyQGHHTXLSRVGHWUDEDMR
5'VREUHSURWHFFLyQIUHQWHDOULHVJRHOpFWULFR
5'VREUHSURWHFFLyQGHWUDEDMDGRUHVIUHQWHDOUXLGR
5'VREUHSURWHFFLyQGHWUDEDMDGRUHVIUHQWHDODVYLEUDFLRQHV

#;":' &$ ' K&#

'yQGHEXVFDUODQRUPDWLYDVREUHSUHYHQFLyQGHULHVJRVODERUDOHV"
(O,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMRHVXQRUJDQLVPRS~EOLFRGHSHQGLHQWHGHO0LQLVWHULRGH7UDEDMRHVSHFLDOL]DGR
HQSUHYHQFLyQGHULHVJRVODERUDOHV/OHYDDFDERIXQFLRQHVGHDVHVRUDPLHQWRDHPSUHVDULRVWUDEDMDGRUHV\DODSURSLD$GPLQLVWUDFLyQD
ODKRUDGHHODERUDUQRUPDWLYDSHURHVSHFLDOPHQWHGHVWDFDSRUVHUHOSXQWRPiVLPSRUWDQWHGHLQIRUPDFLyQVREUHSUHYHQFLyQGHULHVJRV
ODERUDOHVHQ(VSDxD
(QWUDHQZZZLQVKWHV\EXVFDHQHODSDUWDGR1RUPDWLYDOD/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHV

=




?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J

< %
 
  


(OHPSUHVDULRWLHQHXQ %
  
GHOWUDEDMDGRUIUHQWHDORVULHVJRVODERUDOHVTXHSXHGDQRFXUULUHQHOWUDEDMR(VWHGHEHU
JHQHUDOGHSURWHFFLyQ 
 
(
   %
 TXHGHVGHHOSXQWRGHYLVWDGHORVWUDEDMDGRUHVVXSRQHQ(
 

  

<(OORQRH[LPHDORVWUDEDMDGRUHVGHWHQHUTXHDVXPLUWDPELpQXQDVREOLJDFLRQHV VREUHSUHYHQFLyQGH
ULHVJRV

'H %
   
/DVHPSUHVDVWLHQHQTXHFXPSOLUXQDVHULHGHREOLJDFLRQHVTXHVHGHWDOODQDFRQWLQXDFLyQ

2EOLJDFLyQGHSODQLFDUOD
SUHYHQFLyQGHULHVJRV

(OHPSUHVDULRHVWiREOLJDGRDHODERUDUXQ
 

 %HOFXDOGHEHLQWHJUDUVHGHQWURGHODRUJDQL]DFLyQGHODHPSUHVD
'LFKRSODQVLJQLFDTXHVHYDDGHQLUTXpKDFHUFyPR\FRQTXpUHFXUVRVTXLpQHVORYDQDKDFHU
\FXiQGRORYDQDKDFHUGHPDQHUDTXHQRTXHGHDODLPSURYLVDFLyQODSUHYHQFLyQ\SURWHFFLyQGH
ORVWUDEDMDGRUHV

2EOLJDFLyQGHHYDOXDU
ORVULHVJRVODERUDOHV

&XDQGRQRVHSXHGHQHYLWDUORVULHVJRVVHGHEHQHYDOXDUTXpULHVJRVVRQORVTXHH[LVWHQ
'HEHH[LVWLUXQDHYDOXDFLyQ
 \SRVWHULRUPHQWHRWUDV  FDGDYH]TXHVHSURGX]FDXQ
FDPELRHQODVFRQGLFLRQHVGHWUDEDMRRDSDUH]FDQGDxRVRLQGLFLRVGHTXHODVPHGLGDVTXHVHHVWiQ
WRPDQGRQRVRQVXFLHQWHV
/DHYDOXDFLyQGHULHVJRVVHKDFHSRU (  9
/RVULHVJRVVHHYDO~DQHQIXQFLyQGHOD GHTXHRFXUUDXQGDxR\HQIXQFLyQGHOD
GHOPLVPR

2EOLJDFLyQGHSURYHHU
HTXLSRVGHWUDEDMR\
PHGLGDVGHSURWHFFLyQ

(OHPSUHVDULRGHEHSURSRUFLRQDUHTXLSRVGHWUDEDMRTXH
%( DVtFRPRDGRSWDU0
  
SDUDXWLOL]DUHVRVHTXLSRV

2EOLJDFLyQGHSURYHHU
HTXLSRVGHSURWHFFLyQ
LQGLYLGXDO (3,V

/RV(3,VVHUiQHQWUHJDGRVGHIRUPD%(SRUODHPSUHVD
6HHYDOXDUiQ TXpSXHVWRVQHFHVLWDQ(3,V\VHVHOHFFLRQDUiQDTXHOORVTXHVHDQ ( 
GDxRGHOTXHSURWHJHQ
7RGRVORV(3,VGHEHQGHOOHYDUHO  :&  %
,   HQVXIDEULFDFLyQ
$GHPiVDTXHOORVTXHSURWHJHQGHULHVJRV ( %GHEHQGLVSRQHUGHXQFyGLJRQXPpULFRGH
GtJLWRV :&0XXXXHTXHPXHVWUDHOFRQWUROUHDOL]DGRSRUXQDHQWLGDGFHUWLFDGRUD
&XDOTXLHU(3,GHEHFRQWDUFRQOD
 :
+TXHHVXQGRFXPHQWRGHOIDEULFDQWHTXHDFUHGLWDTXHHO(3,FXPSOHORVUHTXLVLWRVGHFDOLGDGDVtFRPRFRQ  
(

TXHSHUPLWDQVXXVRFRUUHFWR
'HEHQHVWDUDGDSWDGRV\VHU%
SDUDFDGDWUDEDMDGRU6RQGH( 

/DHPSUHVDGHEH 
+ +DORVWUDEDMDGRUHVVREUHFyPRXVDUORV(3,VDVtFRPR%0
TXHORVRSHUDULRVORVXWLOLFHQ

: 2 
*XLOOHUPRDFDEDGHFRPHQ]DUDWUDEDMDUHQXQDFDGHQDGHPRQWDMHGHRUGHQDGRUHVFRPRSHyQ(OHQFDUJDGROHHQWUHJDXQRVJXDQWHV
XVDGRVSRUODSHUVRQDDODTXHpOVXSOHORVFXDOHVOHYLHQHQJUDQGHV$GHPiVWLHQHQXQSHTXHxRDJXMHURHQHOGHGRFRUD]yQGHELGRDVX
XVR*XLOOHUPRQRORYHFODUR\DQWHHOULHVJRHVWiSHQVDQGRHQFRPSUDUVHpOPLVPRORVJXDQWHV4XpREOLJDFLRQHVHVWiLQFXPSOLHQGROD
HPSUHVDVREUHORV(3,V""(

/DHPSUHVDGHEHHQWUHJDUORV(3,VDGDSWDGRV\HUJRQyPLFRVSDUDFDGDWUDEDMDGRUQROHSXHGHQYHQLUJUDQGHV$GHPiVORV(3,VVRQGH
XVRSHUVRQDO\QRFRPSDUWLGR/RV(3,VTXHHQWUHJDWDPSRFRVRQDGHFXDGRVSDUDSURWHJHUGHOULHVJR\DTXHVXIUHQXQDURWXUD3RU~OWLPR
*XLOOHUPRQRWLHQHTXHFRPSUDUORVJXDQWHVVLQRTXHVHORVWLHQHTXHRIUHFHUJUDWXLWDPHQWHODHPSUHVD

=

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J




2EOLJDFLyQGHHODERUDU
XQSODQGHHPHUJHQFLD

(QHOSODQGHHPHUJHQFLDVHDQDOL]DQODV (
GHHPHUJHQFLD XQLQFHQGLRXQD
H[SORVLyQHWF \ODVQHFHVDULDVHQSULPHURVDX[LOLRVOXFKDFRQWUDLQFHQGLRV\PHGLGDVGH
HYDFXDFLyQ<
(QHOSODQVHGHVLJQDDO 
HQFDUJDGRGHDGRSWDUGLFKDVPHGLGDVGHHPHUJHQFLDHOFXDO
GHEHSRVHHUODIRUPDFLyQ\ORVPHGLRVQHFHVDULRV
(OSODQHVWDEOHFHODFRRUGLQDFLyQFRQ X
XUJHQFLDVERPEHURVSURWHFFLyQFLYLOHWF

2EOLJDFLyQGHDGRSWDU
PHGLGDVHQFDVRGH
ULHVJRJUDYHHLQPLQHQWH

(VDTXHOULHVJRTXHHV SUREDEOHTXHRFXUUDUDFLRQDOPHQWHHQXQIXWXURLQPHGLDWR\VXSRQHXQ
GDxRJUDYHSDUDORVWUDEDMDGRUHV
(OHVWiREOLJDGRD
,QFOXLU

HQHOSODQGHHPHUJHQFLDIUHQWHDHVWHULHVJRH
+DORVWUDEDMDGRUHV\VXV
UHSUHVHQWDQWHVGHTXHH[LVWHGLFKRULHVJRHQHOWUDEDMR
$GRSWDU

PHGLGDV \ GDU 
(
 SDUD TXH ORV 9 TXH QR SXHGDQ SRQHUVH HQ
FRQWDFWRFRQHOVXSHULRUMHUiUTXLFR (

(ODDFWLYLGDG\DEDQGRQDUGHLQPHGLDWRHO
WUDEDMR SXOVDUHOERWyQGHSDUDGDGHHPHUJHQFLDDEDQGRQDUHOWDOOHUHWF 
4XLpQSXHGHL 
HOWUDEDMR"(QSULQFLSLRHVHOHPSUHVDULRHODXWRUL]DGRDSDUDOL]DUHOWUDEDMRSHURVLpVWHQRORKDFHWDPELpQHVWiQIDFXOWDGRVORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVORVFXDOHVGHEHQFRPXQLFDUORLQPHGLDWDPHQWHDOHPSUHVDULR\DODDXWRULGDGODERUDOHQXQSOD]R
GHKRUDVSDUDTXHpVWDGHFLGDVLFRQWLQ~DRQRODSDUDOL]DFLyQ
8Q9GHULHVJRJUDYHHLQPLQHQWHVHUtDTXHXQLQVWDODGRUGHSODFDVVRODUHVUHDOLFHVXWUDEDMR
HQXQDFXELHUWDLQFOLQDGDVLQQLQJ~QWLSRGHSURWHFFLyQFROHFWLYDRLQGLYLGXDO

: 2 
(QXQWDOOHUGHFDUSLQWHUtDXQDPiTXLQDHPSLH]DDHFKDUKXPR\VHREVHUYDTXHVHHVWiTXHPDQGRSRUGHQWUR/RVGRVWUDEDMDGRUHVVDOHQ
FRUULHQGRGHOWDOOHU\OODPDQDOGXHxRSRUWHOpIRQRSDUDTXHDFXGDSXHVHVXQLPSUHYLVWRDQWHHOTXHQRVDEHQTXpKDFHU4XpREOLJDFLRQHV
WLHQHODHPSUHVDHQXQDVLWXDFLyQFRPRpVWD"
"(


/DHPSUHVDGHEHWHQHUXQSODQGHHPHUJHQFLDGRQGHVHWHQJDSUHYLVWDODSRVLELOLGDGGHTXHH[LVWDXQULHVJRJUDYHHLQPLQHQWHSDUDORV
WUDEDMDGRUHV\FyPRKD\TXHDFWXDUDQWHGLFKRULHVJR
/RVWUDEDMDGRUHV\HQVXFDVRORVUHSUHVHQWDQWHVWLHQHQTXHVHULQIRUPDGRVGHTXHH[LVWHHVHSRVLEOHULHVJRDVtFRPRUHFLELULQVWUXFFLRQHV
GHFyPRSDUDOL]DUVXDFWLYLGDGSDUDTXHSXHGDQDEDQGRQDUHOSXHVWRVLQSHOLJURFXDQGRQRSXGLHUDQSRQHUVHHQFRQWDFWRFRQHOVXSHULRU
MHUiUTXLFR
$GHPiVHQHOSODQGHHPHUJHQFLDGHEHUtDQHVWDUVHxDODGDVODVSHUVRQDVHQFDUJDGDVGHDFWXDUHQFDVRGHWHQHUTXHWRPDUPHGLGDVGH
OXFKDFRQWUDLQFHQGLRVGHSULPHURVDX[LOLRVRGHHYDFXDFLyQDVtFRPRFRQWDFWDUFRQVHUYLFLRVH[WHUQRV

2EOLJDFLyQGH
LQIRUPDFLyQ
\IRUPDFLyQ

=6

(OHPSUHVDULRGHEH
+DORVWUDEDMDGRUHVGHORV% %
GHODHPSUHVD\GHORV
HVSHFtFRV ( (GHWUDEDMRDVtFRPRGHODVGHSUHYHQFLyQ\SURWHFFLyQ\HQ
FDVRGHHPHUJHQFLD(OORVHFRQFUHWDHQODHQWUHJDGHO
(  


$GHPiVGHLQIRUPDUFRQHOPDQXDOGHEH+ +
WHyULFD\SUiFWLFDTXHVHDVXFLHQWH
\HVWp   %GHOSXHVWRGHWUDEDMR
'HEHUHDOL]DUVHHQORV%(
 HQHOPRPHQWRGHODFRQWUDWDFLyQHQHOFDVRGHPRGLFDFLyQGHOSXHVWRGHWUDEDMRWUDVODLQWURGXFFLyQGHQXHYDVWHFQRORJtDVRVLVHSURGXFHQFDPELRVHQ
ORVHTXLSRVGHWUDEDMR
/DIRUPDFLyQVHUHDOL]DVLHVSRVLEOH
   9
GHWUDEDMR\VHFRPSXWDFRPR
 9VLQTXHVHDSRVLEOHWUDVODGDUDOWUDEDMDGRUVXVFRVWHV6L L +(GHOKRUDULR
GHWUDEDMRVHGHVFXHQWDHOWLHPSRLQYHUWLGRHQODPLVPD
(OWUDEDMDGRUHVWi%  HQODIRUPDFLyQ




2EOLJDFLyQGHFRQVXOWD
\SDUWLFLSDFLyQ

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J

 

 GH ORV WUDEDMDGRUHV WLHQHQ GHUHFKR D VHU FRQVXOWDGRV \ D SDUWLFLSDU HQ ODV
GHFLVLRQHVTXHWRPHODHPSUHVDUHVSHFWRDODSUHYHQFLyQGHULHVJRV
(VWRVHUHDOL]DDWUDYpVGHORV%  

\GHO5  %( (
ORVFXDOHVVHGHVDUUROODQDOQDOGHOWHPD

: 2 
(VWKHU+HUQiQGH]KDFRPHQ]DGRDWUDEDMDUGHWpFQLFDTXtPLFDHQXQDSODQWDLQGXVWULDO/DHPSUHVDOHHQWUHJDHOPDQXDOGHSUHYHQFLyQSDUD
TXHORUPHDVtFRPRXQWHVWFRQODVVROXFLRQHVSDUDTXHWDPELpQORUHOOHQH\ORUPH
+DLQFXPSOLGRDOJXQDREOLJDFLyQODHPSUHVD""(

6tSXHVDGHPiVGHLQIRUPDUFRQHOPDQXDOGHEHRIUHFHUXQDIRUPDFLyQWHyULFD\SUiFWLFDDGHFXDGDDORVULHVJRVGHVXSXHVWRGHWUDEDMR\
GHQWURGHOKRUDULRODERUDO\HOORQRHTXLYDOHDUHOOHQDUXQFXHVWLRQDULRVREUHHOPDQXDOGHSUHYHQFLyQ

2EOLJDFLyQGHYLJLODQFLD
GHODVDOXG

/DHPSUHVDHVWiREOLJDGDDUHDOL]DU  


 
 5DVXVWUDEDMDGRUHVD
WUDYpVGHORVVHUYLFLRVGHSUHYHQFLyQ
(VWRV  L2
FXDQGRVHLQLFLDODDFWLYLGDGODERUDODOUHLQFRUSRUDUVHDOWUDEDMRGHVSXpVGH
XQDDXVHQFLDSURORQJDGDSRUPRWLYRVGHVDOXG\DOQDOL]DUODDFWLYLGDGODERUDOFXDQGRSXHGDQDSDUHFHUVHFXHODVDODUJRSOD]R
6RORVHUHDOL]DQODV( 

UHVSHWDQGRODGLJQLGDGLQWLPLGDG
\ODFRQGHQFLDOLGDGGHORVGDWRVPpGLFRVSRUHOOR   (
DOHPSUHVDULR\UHSUHVHQWDQWHVOD

  
 /RVUHVXOWDGRVFRPSOHWRVVHFRPXQLFDQDOWUDEDMDGRU
(OWUDEDMDGRUSXHGH UPDUTXHQRTXLHUHUHDOL]DUODVDOYR TXHVHDREOLJDWRULDSRUOH\\VXQR
UHDOL]DFLyQFRQOOHYHJUDYHVULHVJRVSDUDVXVDOXG

: 2 6
$1DWDOLDODYDQDFRQWUDWDUHQXQDIiEULFDGHSDSHO/DHPSUHVDOHTXLHUHUHDOL]DUXQH[DPHQPpGLFRDVtTXHOHGLFHTXHYD\DDOVHUYLFLRGH
SUHYHQFLyQDMHQR\OHKDJDQHOUHFRQRFLPLHQWRPpGLFRFRPSOHWR\TXHFXDQGRWHQJDORVUHVXOWDGRVGHODVSUXHEDVODVWUDLJDDODRFLQD\
\DOHKDUiQHOFRQWUDWRSDUDHPSH]DUSXHVWRTXHKDVWDTXHQRYHDQORVUHVXOWDGRVQRVDEHQVLSXHGHQFRQWUDWDUOD/DVSUXHEDVVROLFLWDGDV
VRQODVFRUUHFWDV"3XHGHODHPSUHVDFRQRFHUORVUHVXOWDGRVGHODVSUXHEDV""(

1RVRQODVFRUUHFWDVSXHVODVSUXHEDVVHUiQODVQHFHVDULDV\ODVLPSUHVFLQGLEOHVSDUDHOSXHVWRQRXQH[DPHQFRPSOHWR/DHPSUHVDQR
SXHGHFRQRFHUORVUHVXOWDGRVFRQFUHWRVGHODVSUXHEDVSRUORTXHQRSXHGHSHGLUOHTXHWUDLJDORVUHVXOWDGRV(OVHUYLFLRGHSUHYHQFLyQVROR
LQIRUPDUiDODHPSUHVDGHOUHVXOWDGRGHVLHVDSWDRQRDSWDSDUDHVHSXHVWRVLQPiVGHWDOOHV

-
  
  


2EOLJDFLyQGHSURWHFFLyQ
GHJUXSRVHVSHFLDOHV
GHULHVJR

6HGHEHUHDOL]DUXQDHYDOXDFLyQHVSHFtFDGHORVULHVJRVDORVTXHHVWiVRPHWLGDODWUDEDMDGRUD\GHWHUPLQDUDTXpSXHVWRVHVSHFtFRVH[HQWRVGHULHVJRVHSXHGHGHVWLQDUDODPLVPD
(QORV '
X ?!! ?!!!GHO5'YLHQHUHFRJLGRXQ
 X(O  %



 GHWUDEDMRTXH(
RFDVLRQDUXQULHVJRSDUDODVWUDEDMDGRUDVHPEDUD]DGDV\
HQSHULRGRGHODFWDQFLDDVtFRPRXQOLVWDGRGHULHVJRVDORVTXH
(
HVWiQH[SXHVWDV
3DUD HYLWDU OD H[SRVLFLyQ GH OD WUDEDMDGRUD HPEDUD]DGD D HVRV ULHVJRV HQ SULPHU OXJDU KD\ TXH
  

  9 GHVXSXHVWR(VWiSURKLELGRHOWUDEDMRQRFWXUQR(OWUDEDMR
DWXUQRVVHUHDOL]DUiFXDQGRVHDQHFHVDULR
&XDQGRQRHVSRVLEOHDGDSWDUHOSXHVWRGHWUDEDMRHQVHJXQGROXJDUVHLQWHQWD   0
9  (
( FRQVXHVWDGRFRQVHUYDQGRVXQLYHOUHWULEXWLYR
6LQLQJXQDGHODVPHGLGDVDQWHULRUHVHVSRVLEOHTXHGDHQ(

( 
  9
 % (
  L   
FREUDQGRHOGHODEDVHUHJXODGRUD

==

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J




-
 
 9 
 


2EOLJDFLyQGHSURWHFFLyQ
GHJUXSRVHVSHFLDOHV
GHULHVJR

6HGHEHQ (  %GHOWUDEDMRTXHSXHGDQDIHFWDUDPHQRUHVRDWUDEDMDGRUHVHVSHFLDOPHQWHVHQVLEOHVDGLFKRVULHVJRV SRUHMHPSORGHELGRDXQDGLVFDSDFLGDG DVtFRPRWRPDUODV


PHGLGDVHVSHFtFDVGHSUHYHQFLyQ
 

 (
9HQWUDEDMRVSHOLJURVRVQRFLYRVWy[LFRVLQVDOXEUHVQLHQKRUDULRQRFWXUQR

-
 9 
  &11

 &11 2 % LQIRUPDUGHORVULHVJRVHVSHFtFRV\ODVPHGLGDVGHSUHYHQFLyQ\GH


SURWHFFLyQIRUPDUDORVWUDEDMDGRUHVHQHOPRPHQWRGHODFRQWUDWDFLyQ\DODYLJLODQFLDGHODVDOXG\
HQWUHJDGHORV(3,VSUHYLDPHQWHDODFRQWUDWDFLyQ
  ((   
GHODVFRQGLFLRQHVGHHMHFXFLyQGHOWUDEDMRSDUDHOOR
GHEHLQIRUPDUDOD(77GHORVULHVJRV\PHGLGDVGHSUHYHQFLyQ\SURWHFFLyQ\GLUHFWDPHQWHDORV
WUDEDMDGRUHV
/DV(77VWLHQHQ ODFRQWUDWDFLyQGHGHWHUPLQDGRV 9FRQVLGHUDGRV %
FRPRDTXHOORVHQORVTXHH[LVWHQUDGLDFLRQHVDJHQWHVELROyJLFRVGHORVJUXSRV\RDJHQWHV
FDQFHUtJHQHVRWy[LFRVSDUDODUHSURGXFFLyQ/RVFRQYHQLRVFROHFWLYRVWDPELpQSXHGHQDxDGLUSURKLELFLRQHVHQHVWHVHQWLGR

: 2 =
3LODUWUDEDMDGHOLPSLDGRUDHQXQDHPSUHVD\5RFtRGHDGPLQLVWUDWLYD$PEDVVHKDQTXHGDGRHPEDUD]DGDV\KDQRtGRTXHDPLWDGGHHPEDUD]RSXHGHQSHGLUVHXQDEDMDSRUHVWDUHPEDUD]DGDV\FREUDUHO(VWiQHQORFLHUWR""(

1RSXHVHQHOFDVRGHTXHHOSXHVWRGHWUDEDMRVXSRQJDXQULHVJRSDUDODPXMHUHPEDUD]DGDHORUGHQGHODVPHGLGDVHQFDVRGHPDWHUQLGDG
LPSOLFDSULPHURDGDSWDUHOSXHVWRGHWUDEDMRSDUDTXHQROHVXSRQJDQLQJ~QULHVJRDODPDGUHRDOIHWRVLHOORQRHVSRVLEOHKD\TXHFDPELDU
DODWUDEDMDGRUDDRWURSXHVWRFRPSDWLEOHFRQVXHVWDGR\VLWDPSRFRH[LVWHXQSXHVWRFRPSDWLEOHHQWRQFHVVtTXHVHVXVSHQGHHOFRQWUDWR
FREUDQGRHO(OORQRLPSLGHTXHODPXMHUHPEDUD]DGDSXHGDGLVSRQHUGHXQDEDMDSRUFXDOTXLHUHQIHUPHGDGRDFFLGHQWHVHDODERUDO
RQRODERUDO

#;":' &$ ' K&#

%XVFDHQHO,16+7 ZZZLQVKWHV HQHODSDUWDGR1RUPDWLYDHO5'GH6HUYLFLRV


GH3UHYHQFLyQ
9HVDOtQGLFHGHO5'\HQFRQWUDUiV DO QDO ORV$QH[RV 9,,
\9,,,VREUHHOOLVWDGRQRH[KDXVWLYR GH DJHQWHV \ FRQGLFLRQHVGHWUDEDMRTXHSXHGHQRFDVLRQDUXQULHVJRDODV
WUDEDMDGRUDV HPEDUD]DGDV \
HQ SHULRGR GH ODFWDQFLD DVt
FRPR DTXHOORV ULHVJRV D ORV
TXH QR HVWiQ H[SXHVWDV HQ
QLQJ~QFDVR
6HHQFXHQWUDQODVWDUHDVGH
WX FLFOR IRUPDWLYR GHQWUR GH
HVWHOLVWDGR"

=4

#H %
  9
/RVWUDEDMDGRUHVFRQDUUHJOR ( +
\VLJXLHQGRODV
(
GHOHPSUHVDULRGHEHQ
; (
ORVHTXLSRVGHWUDEDMRPiTXLQDVKHUUDPLHQWDV\(3,VIDFLOLWDGRVSRUHOHPSUHVDULRDVtFRPRQRSRQHUIXHUDGHIXQFLRQDPLHQWRORVGLVSRVLWLYRVGHVHJXULGDG
!
+  
DVXVVXSHULRUHVRDORVGHOHJDGRVGHSUHYHQFLyQGHFXDOTXLHUVLWXDFLyQTXH
DVXMXLFLRHQWUDxHXQULHVJRSDUDORVWUDEDMDGRUHV
:FRQHOHPSUHVDULRHQPDWHULDGHSUHYHQFLyQ

<< .
 
 

'H &
/DVLQIUDFFLRQHVTXHFRPHWDHOHPSUHVDULRHQPDWHULDGHVDOXGODERUDOVRQREMHWRGHVDQFLyQDGPLQLVWUDWLYDWUDVHORSRUWXQRH[SHGLHQWHVDQFLRQDGRUDSURSXHVWDGHOD,QVSHFFLyQGH7UDEDMR$GHPiVSXHGH
FRQOOHYDUUHVSRQVDELOLGDGHVFLYLOHVRSHQDOHVRELHQHQPDWHULDGHUHFDUJRVGHODVHJXULGDGVRFLDO
!
    
TXHWLHQHQODVSRUHOLQFXPSOLPLHQWRGHODVQRUPDV
GHSUHYHQFLyQGHULHVJRVODERUDOHV




?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J

D    



/DVVDQFLRQHVGHOD,QVSHFFLyQGH7UDEDMRYDUtDQ%7
 %GHODLQIUDFFLyQODFXDOSXHGH
VHUOHYHJUDYHRPX\JUDYH(VWDVVDQFLRQHVSXHGHQRVFLODUHQWUH\HXURV SRUVDQFLyQOHYH \
HQWUH\HXURV SRUVDQFLyQPX\JUDYH 
  

YDQGHVGHXQDPXOWDHFRQyPLFDRODVXVSHQVLyQWHPSRUDOGHODVDFWLYLGDGHVKDVWDODSDUDOL]DFLyQGHWUDEDMRVRLQFOXVRHOFLHUUHGHOFHQWURGHWUDEDMR
D    
&XDQGRGHORVDFWRVXRPLVLRQHVGHOHPSUHVDULRVHGHULYDQ   9VHOHVGHEH
LQGHPQL]DU

DHOORVRDVXVIDPLOLDUHVSRUORVGDxRVFDXVDGRV VHSLGHQGDxRV\
SHUMXLFLRV 
3RUHMHPSORXQDLQGHPQL]DFLyQGHSRUODFDtGDGHXQDQGDPLRTXHQRWHQtDPHGLGDVGH
VHJXULGDG
D    

&XDQGRSRUFXOSDGHOHPSUHVDULRVHSRQHHQ % %   (  
% +,
GHORVWUDEDMDGRUHV1RHVQHFHVDULRTXHH[LVWDGDxRFRQSRQHUHQULHVJR\SHOLJURODLQWHJULGDGItVLFD
\DH[LVWHUHVSRQVDELOLGDGSHQDO
 

SXHGHRVFLODUHQWUHXQDPXOWDODLQKDELOLWDFLyQGHOHPSUHVDULRRLQFOXVRODSULYDFLyQGH
OLEHUWDGFRQFiUFHO VDOYRTXHODSHQDVHDPHQRUDDxRV\QRVHWHQJDQDQWHFHGHQWHV 
.%
 $
 $ 
&XDQGRHO
GHWUDEDMRHVFRQVHFXHQFLDGLUHFWDGHOD+   


HPSUHVDULRGHEHSDJDUXQUHFDUJRTXHSXHGHYDULDU G  =GHQODSUHVWDFLyQTXHUHFLEHHO
WUDEDMDGRUSRULQFDSDFLGDGWHPSRUDO EDMDODERUDO RSRURWUDVSUHVWDFLRQHV LQFDSDFLGDGSHUPDQHQWH
YLXGHGDGXRUIDQGDG 
3RUHMHPSORVLHOWUDEDMDGRUGHEHFREUDUGHEDMDFRQODVDQFLyQPi[LPDSDVDUtDDFREUDU
VLHQGRDFDUJRGHODHPSUHVDGHELGRDXQDIDOWDGHPHGLGDVTXHKDRFDVLRQDGRXQ
DFFLGHQWH

#;":' &$
1; : $?&$!

%XVFD HQ HO FRQYHQLR GH


WXVHFWRUODVSRVLEOHVIDOWDV
OHYHVJUDYHV\PX\JUDYHV
UHODFLRQDGDV FRQ LQFXPSOLPLHQWRV HQ PDWHULD GH
SUHYHQFLyQ GH ULHVJRV DVt
FRPR ODV SRVLEOHV VDQFLRQHV TXH SXHGH DSOLFDU OD
HPSUHVDSRUHVWDVIDOWDV

#H 19
C"'#D'" E;&<<<F

6LXQWUDEDMDGRULQFXPSOHVXVREOLJDFLRQHVHQPDWHULDSUHYHQWLYDSXHGHVHUVDQFLRQDGRSRUHOHPSUHVDULR

+   +  % ( %TXHVHxDODHO

 
 

SXHGHYDULDUGHVGHXQD 

   
SURFHGHQWH
VLQSHUMXLFLRGHTXHSXHGDWHQHU
 RLQFOXVR
SRUORVGDxRVTXHFDXVHSRU
VXVDFFLRQHVXRPLVLRQHVDRWUDVSHUVRQDVRELHQHV

:H &    !

 19
(VHORUJDQLVPRHQFDUJDGRGHYLJLODUTXHVHFXPSODODQRUPDWLYDODERUDO\GHSUHYHQFLyQ

ULHVJRVODERUDOHV3DUDHOORUHDOL]DODVVLJXLHQWHV+(


?HPSUHVDVSDUDYLJLODUTXHVHFXPSOHODQRUPDWLYDYLJHQWH
/HYDQWD  
+
\
 

HQFDVRGHTXHGHWHFWHLQFXPSOLPLHQWRVGHOD
QRUPDWLYDGHSUHYHQFLyQ6XSURSXHVWDGHVDQFLyQVXHOHUDWLFDUVHSRUHOyUJDQRGHODDGPLQLVWUDFLyQ
FRUUHVSRQGLHQWH
6LFRQVLGHUDTXHODLQIUDFFLyQQRHVVXFLHQWHPHQWHJUDYHSXHGHUHDOL]DU DGYHUWHQFLDV\UHTXHUL0

8QUHTXHULPLHQWRFRQVLVWHHQXQHVFULWRSDUDTXHODHPSUHVDPRGLTXHFLHUWDVFRQGLFLRQHV
GHWUDEDMRODVFXDOHVVLQRVRQPRGLFDGDVHQXQGHWHUPLQDGRSOD]RFRQGXFHQDXQDVDQFLyQ
6LGHWHFWDXQULHVJRJUDYHHLQPLQHQWHSDUDODVDOXGGHORVWUDEDMDGRUHVSXHGHRUGHQDUODL


GHODDFWLYLGDG\HOFLHUUHWHPSRUDOGHODHPSUHVD

$GHPiV GHO ,16+7 \ GH


OD ,QVSHFFLyQ GH 7UDEDMR
H[LVWHQ RWURV RUJDQLVPRV
S~EOLFRV HQ PDWHULD GH
SUHYHQFLyQFRPRVRQ
 (

 
-

 .0
%  TXH

WLHQHFRPRIXQFLyQODSURPRFLyQ GH OD SUHYHQFLyQ


HQ SHTXHxDV HPSUHVDV
ZZZIXQSUOHV
 :
$

 "%( "(

 19 TXH HV

XQ yUJDQR FRQVXOWLYR GH


SDUWLFLSDFLyQ GH ODV DGPLQLVWUDFLRQHV S~EOLFDV
ORV VLQGLFDWRV \ ODV DVRFLDFLRQHV HPSUHVDULDOHV
ZZZFQVVWHV

(ODERUD
+HQFDVRGHDFFLGHQWHVPRUWDOHVJUDYHVRPX\JUDYHV

=I

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
D>'1&

/DVDFWLYLGDGHVTXHVHFRQVLGHUDQ GH ULHVJR HVSHFLDO


VRQODVVLJXLHQWHV
5DGLDFLRQHVLRQL]DQWHV
$JHQWHVFDQFHUtJHQRVPXWiJHQRVRJHQRWy[LFRVGH
RFDWHJRUtD
$JHQWHV TXtPLFRV GH DOWR
ULHVJR
$JHQWHV ELROyJLFRV GH  \
FDWHJRUtD
([SORVLYRV\PLQHUtD
([SRVLFLyQDSROYRGHVtOLFH
$FWLYLGDGHVGHLQPHUVLyQ
&RQVWUXFFLyQH[FDYDFLyQ\
PRYLPLHQWRVGHWLHUUD
,QGXVWULDVLGHU~UJLFD\FRQVWUXFFLyQQDYDO
5LHVJRHOpFWULFRGHDOWDWHQVLyQ
*DVHV FRPSULPLGRV OLFXDGRVRGLVXHOWRV
6H HQFXHQWUD WX FLFOR IRUPDWLYR GHQWUR GH HVWDV DFWLYLGDGHV"




<  %
L
  




/DVHPSUHVDVWLHQHQODREOLJDFLyQGHSODQLFDU\RUJDQL]DUODSUHYHQFLyQGHULHVJRVODERUDOHV3DUDHOOR
GHEHQHOHJLUXQDRYDULDVPRGDOLGDGHVGHFyPRRUJDQL]DUGLFKDSUHYHQFLyQSDUDORFXDOGLVSRQHQGH
RSFLRQHVVHJ~QODVFDUDFWHUtVWLFDVGHODHPSUHVD

) 
%
L

$VXQFLyQSRUSDUWHGHOSURSLRHPSUHVDULR
'HVLJQDUDXQRRYDULRVWUDEDMDGRUHV
&UHDUXQ6HUYLFLRGH3UHYHQFLyQ3URSLR
$FXGLUDXQ6HUYLFLRGH3UHYHQFLyQ$MHQR

'H '(

    
(QHOFDVRGHSHTXHxDVHPSUHVDVGH 
   9HOSURSLRHPSUHVDULRSXHGHHQFDUJDUVHGHODSUHYHQFLyQGHULHVJRVVLWUDEDMDGHIRUPDKDELWXDOHQODHPSUHVD\WLHQHFDSDFLGDGSDUD
GHVDUUROODUODVIXQFLRQHVGHSUHYHQFLyQ WLHQHODIRUPDFLyQQHFHVDULDGHQLYHOEiVLFR 
3DUDODVIXQFLRQHVGHYLJLODQFLDGHODVDOXG UHFRQRFLPLHQWRVPpGLFRV DVtFRPRDTXHOODVTXHQRDVXPH
HOHPSUHVDULRSHUVRQDOPHQWHGHEH(    GHRUJDQL]DFLyQ SRUHMHPSORDFXGLU
DXQ6HUYLFLRGH3UHYHQFLyQ$MHQRFRPRSXHGHQVHUHOTXHHVWiDVRFLDGRDXQD0XWXD 
/RVHPSUHVDULRVTXHGHVDUUROODQDOJXQD  % GHODVTXHHVWiQHQXPHUDGDV
HQHOODWHUDO
 (
DVXPLUODSUHYHQFLyQDOVXSRQHUXQULHVJRLPSRUWDQWH

#H %
  (
   9
/D HPSUHVD SRGUi GHFLGLU TXH (
   9 HQ IXQFLyQ GHO WDPDxR GH OD HPSUHVD 
JHVWLRQHQODSUHYHQFLyQGHULHVJRV
(VWRVWUDEDMDGRUHVGHEHQWHQHUOD VXFLHQWH IRUPDFLyQ DVtFRPRGLVSRQHUGHO 
 QHFHVDULRVSDUDOOHYDUODDFDER$VLPLVPRGHEHUiQJR]DUGHODV%
,TXHWLHQHQORV

C"'#D'" E;&<<<F

([LVWHQ  QLYHOHV GH IRUPDFLyQ HQ SUHYHQFLyQ GH


ULHVJRVODERUDOHV
(OEiVLFR KRUDV
(OLQWHUPHGLR FLFORIRUPDWLYRGHJUDGRVXSHULRU
(O VXSHULRU  KRUDV HQ
XQSRVWJUDGRRPiVWHU
%XVFD HQ OD SiJLQD ZHE
ZZZLQVKWHV TXp IXQFLRQHV SXHGHQ UHDOL]DU ORV
WUDEDMDGRUHV TXH GLVSRQJDQGHDOJXQRGHORVQLYHOHVGHIRUPDFLyQ3DUDHOOR
GHEHVEXVFDUHQ1RUPDWLYDHO5'\DFFHGHU
D ORV DUWtFXORV   
\(QORVDQH[RV,99
\ 9, SRGUiV HQFRQWUDU HO
SODQIRUPDWLYR

=@

UHSUHVHQWDQWHVGHORVWUDEDMDGRUHVSDUDQRVHUGHVSHGLGRVSRUODUHDOL]DFLyQGHVXVIXQFLRQHV

:H "  -

-
(VHOFRQMXQWRGHPHGLRVKXPDQRV\PDWHULDOHVSDUDGHVDUUROODUODSUHYHQFLyQGHULHVJRVHQODHPSUHVD
FRPRVLIXHVHXQGHSDUWDPHQWRGHODHPSUHVD 
/DVHPSUHVDV2
XQ6HUYLFLRGH3UHYHQFLyQ3URSLRHQORV%(
 
&XDQGRODHPSUHVDVHD   = 9
&XDQGRHVWpHQWUH= =WUDEDMDGRUHV\GHVDUUROOHXQDDFWLYLGDGGH% O
&XDQGR GHELGR D OD % GH OD DFWLYLGDG R D ODV , GH DFFLGHQWHV RFXUULGRV OD
$XWRULGDG/DERUDOGHFLGDTXHGHEHFUHDUXQ6HUYLFLRGH3UHYHQFLyQ3URSLRRELHQDFXGLUDXQ6HUYLFLR
GH3UHYHQFLyQ$MHQR
/RV6HUYLFLRVGH3UHYHQFLyQUHDOL]DQODV%(
 +(


(ODERUDUHO3ODQGH3UHYHQFLyQGH5LHVJRV/DERUDOHV
(YDOXDUORVULHVJRV
'HWHUPLQDUODVSULRULGDGHVGHDFWXDFLyQ
/DIRUPDFLyQHLQIRUPDFLyQGHORVWUDEDMDGRUHV
/DYLJLODQFLDGHODVDOXGGHORVWUDEDMDGRUHV
/DDFWXDFLyQHQFDVRGHSULPHURVDX[LOLRV\SODQHVGHHPHUJHQFLD




?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J

H "  -

'9


D>'1&

6HWUDWDGH 
 LHQJHVWLRQDUODSUHYHQFLyQGHULHVJRVODVFXDOHVVRQ 
0
   SDUDTXHUHDOLFHQGLFKDVIXQFLRQHV$OJXQDV0XWXDVWLHQHQDVRFLDGRXQ
6HUYLFLRGH3UHYHQFLyQ$MHQRVLELHQVRQHQWLGDGHVGLVWLQWDVSXHVPLHQWUDVODV0XWXDVWLHQHQODQDOLGDG
GHUHSDUDUORVGDxRVSRUDFFLGHQWHVODERUDOHV\HQIHUPHGDGHVSURIHVLRQDOHVORVVHUYLFLRVGHSUHYHQFLyQ
DMHQRVWLHQHQODQDOLGDGGHSUHYHQLUORVGDxRV/DVHPSUHVDVGHEHQDFXGLUDXQ6HUYLFLRGH3UHYHQFLyQ
$MHQRFXDQGRVHDREOLJDWRULRRQRXWLOLFHQQLQJXQDGHODVRWUDVPRGDOLGDGHV

< -
  9 



 %

/DOH\SHUPLWHFUHDUXQ6HUYLFLR GH 3UHYHQFLyQ 0DQFRPXQDGR FXDQGR YDULDV


HPSUHVDVFRPSDUWDQHVSDFLRGHWUDEDMRRHGLFLRDVt
FRPRHQHOFDVRGHSROtJRQRV LQGXVWULDOHV R FHQWURV
FRPHUFLDOHV

/RVWUDEDMDGRUHVDOLJXDOTXHSXHGHQSDUWLFLSDUHQODHPSUHVDDWUDYpVGHOFRPLWpGHHPSUHVDRGHORV
GHOHJDGRVGHSHUVRQDOHQORTXHVHUHHUHDODSUHYHQFLyQGHULHVJRVSXHGHQSDUWLFLSDUDWUDYpVGHORV
GHOHJDGRVGHSUHYHQFLyQ\GHOFRPLWpGHVHJXULGDG\VDOXG
-
 
9

'HOHJDGRVGHSUHYHQFLyQ
&RPLWpGHVHJXULGDG\VDOXG

'H  %  




6RQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVTXHWLHQHQIXQFLRQHVHVSHFtFDVHQSUHYHQFLyQGHULHVJRV
ODERUDOHV6RQ %
SRUORV  

 
 GHPDQHUDTXHTXLHQHV
KDQVLGRYRWDGRVSRUORVWUDEDMDGRUHVSDUDVHUGHOHJDGRVGHSHUVRQDORIRUPDUSDUWHGHOFRPLWpVRQORV
TXHGHVLJQDQTXLpQHVVHYDQDHQFDUJDUGHOOHYDUDFDERODVWDUHDVGHSUHYHQFLyQHQODHPSUHVD6X

7YDUtDVHJ~QODWDEODTXHJXUDHQHOODWHUDO

#H & 5  %( (


(QORVFHQWURVGH  
 = 9\FXDQGRKD\DFRPLWpGHHPSUHVDGHEHH[LVWLUXQFRPLWp
GHVHJXULGDG\VDOXGIRUPDGRWDQWRSRUORV %  

FRPRSRU %(
7 


   3RUHMHPSORVLXQDHPSUHVDWLHQHGRVGHOHJDGRVGHSUHYHQFLyQHQ
HOFRPLWpGHVHJXULGDG\VDOXGWLHQHQTXHHVWDUHVWRVGRVGHOHJDGRVPiVRWURVGRVUHSUHVHQWDQWHVGHOD
HPSUHVDXQWRWDOGHPLHPEURV
7DQWRORVGHOHJDGRVGHSUHYHQFLyQFRPRORVPLHPEURVGHOFRPLWpGHVHJXULGDG\VDOXGGHEHQWHQHUXQD
+
,
 



 2

D>'1&

(OQ~PHURGHGHOHJDGRVGH
SUHYHQFLyQYDUtDHQIXQFLyQ
GHOWDPDxRGHODHPSUHVD
+DVWD
WUDEDMDGRUHV


GHOHJDGR

+DVWD

+DVWD

+DVWD

+DVWD

+DVWD

+DVWD

0iVGH

:H :
 +(
6LELHQODVFRPSHWHQFLDV\IDFXOWDGHVGHORVGHOHJDGRVGHSUHYHQFLyQ\GHOFRPLWpGHVHJXULGDG\VDOXG
QRVRQLGpQWLFDVGH+ %
5 SRGHPRVVHxDODUTXHVXVIXQFLRQHVVRQ
6HU
(HQODVGHFLVLRQHVVREUHODVPHGLGDVGHSUHYHQFLyQ\SURWHFFLyQODIRUPDFLyQODLQWURGXFFLyQGHQXHYDVWHFQRORJtDVHWF
3DUWLFLSDUHQODSODQLFDFLyQGHODSUHYHQFLyQGHULHVJRV
&+( (HQPDWHULDGHSUHYHQFLyQ\SURWHFFLyQ(OHPSUHVDULRGHEHMXVWLFDUVXGHFLVLyQ
QHJDWLYDHQFDVRGHQRDGRSWDUHVWDVPHGLGDV
" 
+VREUHORVDFFLGHQWHVGHWUDEDMRDVtFRPRSHUVRQDUVHHQHOOXJDUGHODFFLGHQWH
&RQRFHUWRGDOD(

VREUHSUHYHQFLyQGHULHVJRVGHODHPSUHVD
'   

HQODVYLVLWDVTXHUHDOLFHSXGLHQGRUHDOL]DUREVHUYDFLRQHV
3URSRQHUODL
GHODVDFWLYLGDGHVHQFDVRGHULHVJRJUDYHHLQPLQHQWH

=3

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J




: 2 4
3DTXL\$QDKDQVLGRFRQWUDWDGDVSRUXQDHPSUHVDSDUDTXHJHVWLRQHQODVWDUHDVGHSUHYHQFLyQGHULHVJRVSXHVSRVHHQXQPiVWHUHQ
3UHYHQFLyQGH5LHVJRV/DERUDOHV3RURWURODGRHQODPLVPDHPSUHVDGHWUDEDMDGRUHV$QGUpV\(PLOLRKDQVLGRGHVLJQDGRVGHHQWUH
ORVPLHPEURVGHOFRPLWpSDUDTXHUHDOLFHQODVIXQFLRQHVGHSDUWLFLSDUHQODSUHYHQFLyQGHULHVJRVGHODHPSUHVD(VWHIDQLTXHDFDEDGH
OOHJDUQXHYDDODHPSUHVDQRVDEHUHDOPHQWHTXLpQHMHUFHHQODHPSUHVDODVIXQFLRQHVGHSUHYHQFLyQQLSRUTXpKD\FXDWURSHUVRQDV
TXHSDUHFHTXHKDFHQORPLVPR\DGHPiVVHUH~QHQSDUDSODQLFDUODSUHYHQFLyQ([SOtFDOHD(VWHIDQLODVGLIHUHQFLDVHQWUHXQRV\RWURV
\HQTXpyUJDQRVHUH~QHQ
"(


3DTXL\$QDVRQODVWUDEDMDGRUDVGHVLJQDGDVSRUODHPSUHVDSDUDHMHUFHUODVIXQFLRQHVGHJHVWLyQGHODSUHYHQFLyQ(QHVHVHQWLGRUHSUHVHQWDQDODHPSUHVDSXHVVRQFRQWUDWDGDVSRUHOODSDUDUHDOL]DUHVDVIXQFLRQHV
$QGUpV\(PLOLRVRQORVGHOHJDGRVGHSUHYHQFLyQTXHKDQVLGRHOHJLGRVSRUORVPLHPEURVGHOFRPLWpGHHPSUHVDSDUDSDUWLFLSDUHQOD
SUHYHQFLyQGHODPLVPDUHSUHVHQWDQSRUWDQWRDORVWUDEDMDGRUHV
/RVIRUPDQXQFRPLWpGHVHJXULGDG\VDOXGHOFXDOHVWiIRUPDGRSRUORVGHOHJDGRVGHSUHYHQFLyQ\ORVUHSUHVHQWDQWHVGHODHPSUHVD HQHVWHFDVRODHPSUHVDKDHOHJLGRODVWpFQLFDVHQSUHYHQFLyQ VLHQGRXQDGHODVIXQFLRQHVGHHVWHFRPLWpODGHSDUWLFLSDUHQOD
SODQLFDFLyQGHODSUHYHQFLyQGHULHVJRV

: 2 I
,QGLFDDTXpPRGDOLGDGHVGHRUJDQL]DFLyQGHODSUHYHQFLyQSXHGHQRSWDUODVVLJXLHQWHVHPSUHVDV
 8QDHPSUHVDGHWUDEDMDGRUHVTXHUHDOL]DSUXHEDVUDGLRGLDJQyVWLFDV UDGLDFLRQHVLRQL]DQWHV 
 8QDHPSUHVDGHWUDEDMDGRUHVGHGLFDGDDDFWLYLGDGHVQDQFLHUDV
 8QDHPSUHVDGHWUDEDMDGRUHVGHGLFDGDDDFWLYLGDGHVQDQFLHUDV
 8QEDUGHWUDEDMDGRUHV
"(

 $OUHDOL]DUDFWLYLGDGHVGHULHVJRHVSHFLDO\WHQHUPiVGHWUDEDMDGRUHVGHEHFRQVWLWXLUXQVHUYLFLRGHSUHYHQFLyQSURSLR
 $OWHQHUPiVGHWUDEDMDGRUHVDXQTXHQRUHDOLFHDFWLYLGDGHVGHULHVJRHVSHFLDOGHEHWHQHUXQVHUYLFLRGHSUHYHQFLyQSURSLR
 $OWHQHUPiVGHWUDEDMDGRUHVQRSRGUiDVXPLUVHSRUSDUWHGHOHPSUHVDULR\FRPRQRWLHQHPiVGHWUDEDMDGRUHVQLPiVGH
FRQULHVJRHVSHFLDOQRHVREOLJDWRULRHOVHUYLFLRGHSUHYHQFLyQSURSLR3RUORWDQWROHTXHGDHOHJLUHQWUHXQDRYDULDVGHODVVLJXLHQWHVPRGDOLGDGHVGHVLJQDUDXQRRYDULRVWUDEDMDGRUHVFRQVWLWXLUXQVHUYLFLRGHSUHYHQFLyQSURSLRRFRQWUDWDUXQVHUYLFLRGHSUHYHQFLyQDMHQR
 $OWHQHUPHQRVGHWUDEDMDGRUHV\QRHMHUFHUQLQJXQDDFWLYLGDGGHULHVJRHVSHFLDOODSRGUiDVXPLUHOSURSLRHPSUHVDULRVLWLHQHOD
IRUPDFLyQEiVLFDHQSUHYHQFLyQGHULHVJRV

6<  %
  




/DHPSUHVDWLHQHODREOLJDFLyQGHSUHYHQLU\SURWHJHUDORVWUDEDMDGRUHVHQFXDQWRDORVULHVJRVODERUDOHV
FRQORVTXHVHHQFXHQWUDQ3DUDHOORGHEHVHJXLUXQRV
  

 %

TXHJXtHQVXDFWXDFLyQDVtFRPRFXPSOLUFRQXQDVREOLJDFLRQHVPiVHVSHFtFDVHQOD %
 



(QHVWHDSDUWDGRYHUHPRVFXiOHVVRQHVRVSULQFLSLRVJHQpULFRVGHDFWXDFLyQ\WDPELpQGHVDUUROODUHPRV
GRVIXQFLRQHVGHJHVWLyQLPSRUWDQWHVOD (
  %ODERUDOHV\OD %
 

GHWUDEDMRDVtFRPRODVLPSOLFDFLRQHVHQFRVWHVTXHWLHQHQORVDFFLGHQWHVGHWUDEDMR

4

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J




3ULQFLSLRVGH
DFWXDFLyQSUHYHQWLYD

(YLWDUORVULHVJRV
(YDOXDUORVULHVJRVTXHQRVHSXHGDQHYLWDU
&RPEDWLUORVULHVJRVGHVGHVXRULJHQ
6XVWLWXLUORSHOLJURVRSRUORTXHHQWUDxHSRFR
RQLQJ~QULHVJR
3ODQLFDUODSUHYHQFLyQ\ODSURWHFFLyQ

$QWHSRQHUODSURWHFFLyQFROHFWLYDDODLQGLYLGXDO
'DULQVWUXFFLRQHVDGHFXDGDVDOWUDEDMDGRU
$GDSWDUHOWUDEDMRDODSHUVRQD
7HQHUHQFXHQWDODHYROXFLyQGHODWpFQLFD

: 2 @
(QXQDHPSUHVDGHGLFDGDDODIDEULFDFLyQGHSLQWXUDVVHXWLOL]DQGLVROYHQWHV3DUDHYLWDUORVGDxRVHQODVDOXGGHORVWUDEDMDGRUHVVH
KDQDGRSWDGRXQDVHULHGHPHGLGDVSUHYHQWLYDV,QGLFDHOSULQFLSLR
SUHYHQWLYRTXHVHHVWiXWLOL]DQGRHQFDGDFDVR
D 3URSRUFLRQDULQIRUPDFLyQ\IRUPDFLyQVREUHORVULHVJRVGHOXVRGH
GLVROYHQWHV\VXFRUUHFWDXWLOL]DFLyQ

G &RQWUDWDUDXQWpFQLFRHQSUHYHQFLyQSDUDTXHHODERUHHOSODQGHSUHYHQFLyQGHULHVJRVODERUDOHV
"(


D 'DULQVWUXFFLRQHVDGHFXDGDVDORVWUDEDMDGRUHV
E &RPEDWLUORVULHVJRVGHVGHVXRULJHQ

E (PSOHDUODFDQWLGDGLQGLVSHQVDEOHGHGLVROYHQWH

F (YDOXDUORVULHVJRVTXHQRVHSXHGDQHYLWDU

F 5HDOL]DUPHGLFLRQHVGHODVFRQFHQWUDFLRQHVGHJDVHVSURGXFLGRV
SRUORVGLVROYHQWHV

G 3ODQLFDUODSUHYHQFLyQ\ODSURWHFFLyQ

6<<  (
 % 
7RGDVODVHPSUHVDVWLHQHQODREOLJDFLyQGHHYDOXDUDTXHOORVULHVJRVTXHQRSXHGHQHYLWDUVHORFXDOUHDOL]DQDOLQLFLRGHODDFWLYLGDG\GHIRUPDSHULyGLFDVLHPSUHTXHVHSURGXFHQFDPELRVRH[LVWHQGDxRVR
LQGLFLRVGHTXHODVPHGLGDVTXHVHWRPDQVRQLQVXFLHQWHV
:  (VLH[LVWHQRQRULHVJRVODERUDOHV"([LVWHQYDULRVPpWRGRVGHHYDOXDFLyQHQWUHORVTXH
GHVWDFDHO5  (
 %  !$"A1 ,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQH
HQHO7UDEDMR 
(VWHPpWRGRFRQVLVWHHQ  , GHFDGDULHVJRODERUDOODGHTXH
RFXUUDHODFFLGHQWH\ODV
(
HQFDVRGHTXHRFXUUD/DSUREDELOLGDGSXHGHVHUDOWDPHGLD
REDMD\ODVFRQVHFXHQFLDVSXHGHQVHUH[WUHPDGDPHQWHGDxLQDVGDxLQDVROLJHUDPHQWHGDxLQDV'HVX


QRVVDOHXQDFODVLFDFLyQGHO
  %
 

#
  

%DMD
: 
/

! 
 
GDxLQDV

'DxLQDV

AC
   
GDxLQDV

7ULYLDO
7ROHUDEOH
0RGHUDGR

7ROHUDEOH
0RGHUDGR
,PSRUWDQWH

0RGHUDGR
,PSRUWDQWH
,QWROHUDEOH

(O,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHRIUHFHXQDV %(, 5


  (
SDUDYDULDV
DFWLYLGDGHVSURIHVLRQDOHVHQODVFXDOHVYLHQHLQGLFDGRSDUDFDGDWLSRGHWUDEDMR(2 
 0
% 2 ((TXpSUREDELOLGDGWLHQHQGHTXHRFXUUDQ\FXiOHVVHUtDQVXVFRQVHFXHQFLDV8QDYH]
HYDOXDGRVORVSRVLEOHVULHVJRV\VXQLYHOGHLPSRUWDQFLDVHWUDWDGHWRPDUPHGLGDVSUHYHQWLYDVIUHQWHD
GLFKRVULHVJRV
(O,QVWLWXWRHVWDEOHFH  (
VHJ~QHO
  %GHWHFWDGRHQODHYDOXDFLyQGH
ULHVJRORYHPRVHQODVLJXLHQWHWDEOD

D>'1&

8QD FRQVHFXHQFLD OLJHUDPHQWHGDxLQDSRGUtDVHUXQ


SHTXHxR FRUWH LUULWDFLyQ GH
RMRVGRORUHVGHFDEH]DHWF
8QD FRQVHFXHQFLD GDxLQD
KDUtDUHIHUHQFLDDTXHPDGXUDVDVPDVRUGHUDHWF
8QD FRQVHFXHQFLD H[WUHPDGDPHQWH GDxLQD SRGUtD
DSXQWDU D IUDFWXUDV JUDYHV
LQWR[LFDFLRQHV DPSXWDFLRQHVRXQDFFLGHQWHPRUWDO
(QODXQLGDGVLJXLHQWHXQD
YH] FRQR]FDV ORV ULHVJRV
GHWXVHFWRUSRGUiVUHDOL]DU
XQD DFWLYLGDG GH HYDOXDFLyQ GH ULHVJRV ODERUDOHV
VLJXLHQGRODJXtDGHO,16+7

4

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
  



 


: 
 
% 

%





/ 
 
1RUHTXLHUHDFFLyQHVSHFtFD
$ 
 9ODDFFLyQSUHYHQWLYDVLELHQVHSXHGHQFRQVLGHUDUPHMRUDVTXHQR

VXSRQJDQXQDFDUJDHFRQyPLFDLPSRUWDQWH6HUHTXLHUHQFRPSUREDFLRQHVSHULyGLFDV
6HGHEHQKDFHU+(L  (  %LQYLUWLHQGRHQODVPHGLGDVSUHFLVDVODV
FXDOHVGHEHQLPSODQWDUVHHQXQSHULRGRGHWLHPSRGHWHUPLQDGR
$  
LHOWUDEDMRKDVWDTXHVHKD\DUHGXFLGRHOULHVJR3XHGHTXHVHSUHFLVHQ

UHFXUVRVFRQVLGHUDEOHVSDUDFRQWURODUHOULHVJR
$   

(
 
LHOWUDEDMRKDVWDTXHVHUHGX]FDHOULHVJR

: 2 3
(9$/8$&,1'(5,(6*266(*1(/,16+7
(QXQSXHVWRGHWUDEDMRVHGHWHFWDQORVVLJXLHQWHVSHOLJURVYDORUiQGRVHVXSUREDELOLGDG\VXVFRQVHFXHQFLDV
D 6XVWDQFLDVWy[LFDV SHJDPHQWRV /DSUREDELOLGDGHVPHGLD\ODVFRQVHFXHQFLDVOLJHUDPHQWHGDxLQDV
E &LHUWRVULHVJRVPHFiQLFRVVREUHWRGRJROSHVFRQSDUWHVHQPRYLPLHQWRGHODPiTXLQDTXHWLHQHQXQDSUREDELOLGDGPHGLDGHTXHRFXUUDQ
\XQDVFRQVHFXHQFLDVGDxLQDV
F 4XHPDGXUDVSURGXFLGDVSRUVROGDGXUD/DSUREDELOLGDGGHTXHRFXUUDQHVDOWD GDGDODDXVHQFLDGHSURWHFFLyQ \HQWUDxDQFRQVHFXHQFLDV
GDxLQDV
&ODVLFDORVULHVJRVVHJ~QVXQLYHOHLQGLFDTXpPHGLGDVGHDFWXDFLyQKDEUtDTXHWRPDU"(

D /DVVXVWDQFLDVWy[LFDVSUREDELOLGDGPHGLD\OLJHUDPHQWHGDxLQDULHVJRWROHUDEOH&RPSUREDFLRQHVSHULyGLFDV
E *ROSHVSUREDELOLGDGPHGLD\GDxLQDULHVJRPRGHUDGR6HGHEHQKDFHUHVIXHU]RVSRUUHGXFLUOR
F 4XHPDGXUDVSUREDELOLGDGDOWD\GDxLQDULHVJRLPSRUWDQWH1RGHEHFRPHQ]DUVHKDVWDTXHQRVHUHGX]FDHOULHVJR

6<<  %
  
  9
/DVHPSUHVDVGHEHQLQYHVWLJDUORVDFFLGHQWHVTXHKDQRFXUULGRGHFDUDDFRQRFHUODVFLUFXQVWDQFLDV\
ODVFDXVDVTXHORVKDQSURGXFLGRGHPDQHUDTXHSXHGDQHYLWDUVHRWURVDFFLGHQWHVIXWXURV$GHPiVKD
GHUHJLVWUDU\QRWLFDUORVDFFLGHQWHVDOD$GPLQLVWUDFLyQ/DERUDOSDUDTXHGLVSRQJDGHLQIRUPDFLyQSDUD
HODERUDUHVWDGtVWLFDVGHDFFLGHQWHVGHWUDEDMR
/DOH\REOLJDDLQYHVWLJDUORVDFFLGHQWHVGHWUDEDMR6LQHPEDUJRQRHVWDEOHFHH[DFWDPHQWHFXiOHV(V
HO,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHOTXHVXJLHUHTXHHVSUHFLVRLQYHVWLJDUORV%(



,QYHVWLJDFLyQ
GHDFFLGHQWHV

(QSULPHUOXJDUWRGRVORV\WRGRVORV%
(QVHJXQGROXJDUORVDFFLGHQWHV \ORVDFFLGHQWHV 
 GDxRVPDWHULDOHVVLQOHVLRQHV 
FXDQGRVHSUHVHQWHQGHIRUPDUHSHWLWLYDH[LVWDULHVJRGHOHVLRQHVJUDYHVRVXVFDXVDVQRVHDQ
FRQRFLGDV
/DVHPSUHVDVGHEHQGHMDUFRQVWDQFLDGHORVDFFLGHQWHVRFXUULGRVDVtFRPR QRWLFDUORVYtDLQ0

DWUDYpVGHOVLVWHPD`HQHO0LQLVWHULRGH7UDEDMR(VWDQRWLFDFLyQVLUYHGHEDVHSDUD
HODERUDUHVWDGtVWLFDVGHDFFLGHQWHVGHWUDEDMR

5HJLVWUR\QRWLFDFLyQ
GHDFFLGHQWHV

(V%QRWLFDUORVDFFLGHQWHVTXHFRQOOHYHQ 9 GHDOPHQRVXQGtDDVtFRPR


XQDUHODFLyQPHQVXDOGHORVDFFLGHQWHVVLQEDMDTXHKD\DQRFXUULGR
$ QLYHO LQWHUQR HV (
 TXH ODV HPSUHVDV UHJLVWUHQ ORV DFFLGHQWHV TXH QR FRQOOHYHQ EDMD
PpGLFDFRPRSRUHMHPSORDWUDYpVGHOSDUWHLQWHUQRRGHOD QRWLFDFLyQGHERWLTXtQGRQGHVH
GHVFULEDQORVKHFKRVGHODFFLGHQWH\VXVSRVLEOHVFDXVDV

4




?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J

: 2 
8QWUDEDMDGRUWLHQHTXHUHFRJHU\UHWLUDUODEDVXUDJHQHUDGDHQXQD]RQDGHOSURFHVRGHIDEULFDFLyQ3DUDHOORGHFLGHXWLOL]DUODFDUUHWLOODHOHYDGRUDGHXQRGHVXVFRPSDxHURVDSHVDUTXHpOQRGLVSRQHGHODIRUPDFLyQSDUDHOXVRGHFDUUHWLOODV$OGLULJLUVHKDFLDHOSXQWRGHUHFRJLGD
FRPRYDVLQFDUJD\WLHQHSULVDGHFLGHDFHOHUDU-XVWRHQHOPRPHQWRHQHOTXHODFDUUHWLOODSDVDSRUHQFLPDGHXQSHTXHxRGHVQLYHOHQHO
SDYLPHQWRYXHOFD&XiOHVGLUtDVTXHVRQODVFDXVDVGHODFFLGHQWH"&ODVLItFDODVHQFDXVDVWpFQLFDV\KXPDQDV"(

&DXVDVWpFQLFDV'HVQLYHOHQHOSDYLPHQWR)DOWDGHVXSHUYLVLyQSDUDODXWLOL]DFLyQGHXQDFDUUHWLOODSRUSHUVRQDOQRDXWRUL]DGR&DXVDV
KXPDQDV9HORFLGDGGHFRQGXFFLyQHOHYDGDIDOWDGHIRUPDFLyQ

6<<     



$GHPiVGHVHUREOLJDWRULRSUHYHQLUORVDFFLGHQWHVGHWUDEDMRHVSUHFLVRDFODUDUTXHORVDFFLGHQWHVFRQOOHYDQXQRVFRVWHVWDQWRSDUDODHPSUHVD\HOWUDEDMDGRUFRPRSDUDODVRFLHGDG
"


L
DOWUDEDMDGRU
3pUGLGDGH(SRUSDUWHGHOWUDEDMDGRU\RORVFRPSDxHURVGHVSXpVGHODFFLGHQWH
1SHUGLGRVSRUFRPSDxHURV\PDQGRVHQ(XDODFFLGHQWDGR
&RVWHVSDUD
ODHPSUHVD

7LHPSRVXWLOL]DGRVHQ
%\QRWLFDUHODFFLGHQWH
0D\RUFRQLFWLYLGDGODERUDO
'DxRVDLQVWDODFLRQHV\HTXLSRV
"

HFRQyPLFDV\SHQDOHV
3pUGLGDGH%


&RVWHVSDUDHOWUDEDMDGRU
\ODVRFLHGDG

3DUDHO 9 Y ( +HVXSRQHHOGRORU\VXIULPLHQWRSRUHODFFLGHQWHODSpUGLGDGH


FDSDFLGDGSURIHVLRQDO\ODGLVPLQXFLyQWHPSRUDORGHQLWLYDGHLQJUHVRV
3DUDODVLJQLFDODSpUGLGDGHUHFXUVRVKXPDQRVSRUPXHUWHRGHFDSDFLGDGSURGXFWLYD
SRUPLQXVYDOtDVHOSDJRGHLQGHPQL]DFLRQHVGHODVHJXULGDGVRFLDOODJHVWLyQGHODFFLGHQWHDWUDYpV
GHOD,QVSHFFLyQGH7UDEDMRMXLFLRVODERUDOHVHWF

: 2 
(QXQDHPSUHVDGHIDEULFDFLyQGHFRPSHQHQWHVHOpFWULFRVVHKDSURGXFLGRXQDFFLGHQWHJUDYHDSULPHUDKRUDGHODPDxDQDDOTXHGDUVH
HQJDQFKDGRXQWUDEDMDGRUFRQXQDPiTXLQD\DPSXWDUOHGHGRVGHXQDPDQR(QVHJXLGDVXVFRPSDxHURV\HOHQFDUJDGRIXHURQD
VRFRUUHUORGHWHQLHQGRVXWUDEDMRGXUDQWHFDVLXQDKRUDKDVWDVXWUDVODGR(OUHVWRGHODPDxDQDWRGRHOJUXSRVHTXHGyFRQVWHUQDGRSRUHO
DFFLGHQWH\DSHQDVSXGLHURQVDFDUDGHODQWHODIDHQD$OOXJDUGHODFFLGHQWHDFXGLyHOWpFQLFRGHSUHYHQFLyQDLQYHVWLJDUORRFXUULGRGXUDQWH
KRUDVWRPDQGRIRWRV\UHFRJLHQGRRSLQLRQHVGHORVWUDEDMDGRUHV(OGHSDUWDPHQWRGHDGPLQLVWUDFLyQKDUHOOHQDGRHOSDUWHGHDFFLGHQWH\
ORKDHQYLDGRSRUFRUUHRHOHFWUyQLFRDOD$XWRULGDG/DERUDO(OLQVSHFWRUGHWUDEDMRKDOODPDGRSRUWHOpIRQR\KDFRPXQLFDGRTXHVHSHUVRQDUiHQHOFHQWURGHWUDEDMRSRUORTXHTXLHUHTXHHOUHVSRQVDEOHGHODVHFFLyQHVWpSUHVHQWHGXUDQWHVXYLVLWDDVtFRPRORVGHOHJDGRVGH
SUHYHQFLyQ/DHPSUHVDVHWHPHTXHSXHGDFDHUOHXQDVDQFLyQSRUHODFFLGHQWHODERUDO/RVWUDEDMDGRUHVHVWiQSODQWHiQGRVHXQSDUyQGH
PHGLDKRUDSRUODIDOWDGHPHGLGDVGHSURWHFFLyQHQODPDTXLQDULDGHODHPSUHVD$XQSHULRGLVWDOHKDOOHJDGRODQRWLFLD\YDDVDFDUHOVXFHVRHQSUHQVDDOGtDVLJXLHQWHFRQODFRQVLJXLHQWHSpUGLGDGHLPDJHQGHODHPSUHVD3RURWURODGRHOWUDEDMDGRU\VXIDPLOLDVHHQFXHQWUDQ
WULVWHVSRUORVGDxRVTXHKDVXIULGRHQODPDQR\VHSUHJXQWDQVLSRGUiYROYHUDWUDEDMDUSXHVHVOD~QLFDIXHQWHGHLQJUHVRVGHODIDPLOLD/D
VHJXULGDGVRFLDOVHKDUiFDUJRGHODSUHVWDFLyQSRUHODFFLGHQWHPLHQWUDVHVWpGHEDMDDXQTXHOHUHFODPDUiXQDFDQWLGDGGHHQWUHHO\
HOGHODSUHVWDFLyQDODHPSUHVDSRUIDOWDGHPHGLGDVFDQWLGDGTXHLUiGHVWLQDGDDOWUDEDMDGRUSRUHODFFLGHQWHODERUDO
,QGLFDORVFRVWHVSDUDODHPSUHVDSDUDHOWUDEDMDGRU\SDUDODVRFLHGDGTXHDSDUHFHQHQHOFDVR"(

$SDUHFHQPXFKRVGHORVFRVWHVSRVLEOHVVDODULRVSRUHOGtDGHODFFLGHQWHLQGHPQL]DFLRQHVDOWUDEDMDGRUSpUGLGDGHWLHPSR\GHSURGXFWLYLGDGGHFRPSDxHURV\HQFDUJDGRWLHPSRHQLQYHVWLJDUHODFFLGHQWH\QRWLFDUORVDQFLRQHVGHOD,QVSHFFLyQPD\RUFRQLFWLYLGDGODERUDO\
SpUGLGDGHLPDJHQFRVWHVSDUDHOWUDEDMDGRU\VXIDPLOLDSRUHOGRORUGHODFFLGHQWH\ODIXWXUDSpUGLGDGHLQJUHVRVDOPHUPDUVXFDSDFLGDG
ODERUDO\SDUDHO(VWDGRVXSRQHHOFRVWHHQODJHVWLyQGHOLQVSHFWRUGHWUDEDMR\SDJDUODSUHVWDFLyQGHODVHJXULGDGVRFLDOGXUDQWHODEDMD

4

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
: 2  
'H %
 
  


 8QDFHODGRUDGHXQKRVSLWDOHVWiHPEDUD]DGDGHPHVHVSRUOR
TXHOHLQGLFDDODGLUHFFLyQGHOPLVPRTXHHQVXHVWDGR\DQRSXHGH
PRYHUDORVHQIHUPRVSRUORTXHVROLFLWDTXHVHWRPHQODVPHGLGDV
RSRUWXQDVWDOHVFRPRVXVSHQGHUHOFRQWUDWR\HQYLDUODDFDVD
4Xp PHGLGDV GHEHUtDQ WRPDUVH HQ HVWH FDVR \ SRU TXp RUGHQ" 6L
DOQDOVHVXVSHQGLHVHHOFRQWUDWRFXiQWRFREUDUtDODWUDEDMDGRUD\
TXLpQOHSDJDUtD"
 $OHMDQGUR\&ULVWLDQDFDEDQGHVHUFRQWUDWDGRVFRPRPHFiQLFRV
HQ XQ WDOOHU GH UHSDUDFLyQ GH YHKtFXORV /D HPSUHVD OHV HQWUHJD XQ
PDQXDO GRQGH VH HQFXHQWUDQ ORV ULHVJRV SRVLEOHV \ ODV PHGLGDV GH
SUHYHQFLyQ\SURWHFFLyQHOFXDOUPDQSDUDTXHFRQVWHTXHORKDQUHFLELGR\TXHVDEHQFyPRGHEHQDFWXDUDQWHORVULHVJRV$FRQWLQXDFLyQ
OHVLQGLFDQTXHGHEHQWUDHUVHORVJXDQWHVGHFDVD\UHDOL]DUXQFKHTXHRPpGLFRFRQVXPpGLFRSDUWLFXODU$PERVQRYHQFODUDVWRGDVHVWDVLQGLFDFLRQHVDVtTXHGHFLGHQFRQVXOWDUORFRQXQGHOHJDGRVLQGLFDO
TXHFRQRFHQ+DLQFXPSOLGRODHPSUHVDDOJXQDREOLJDFLyQHQFXDQWR
DLQIRUPDFLyQIRUPDFLyQ(3,V\YLJLODQFLDGHODVDOXGDOFRPHQ]DUD
WUDEDMDUORVGRVQXHYRVRSHUDULRV"
 3DEORHVHOWUDEDMDGRUPiVUiSLGRGHOWDOOHU6XWUXFRHVTXHDSDUWD
ORVUHVJXDUGRVGHVHJXULGDGSDUDQRWHQHUTXHDQGDUSRQLpQGRORV\
TXLWiQGRORV\DVtSURGXFHPiVTXHQDGLH\VHQRWDHQORVREMHWLYRVD
QDOGHPHV8QGtDVXIUHXQFRUWHHQXQEUD]RFRQXQDJUDQKHPRUUDJLDSRUORTXHHVDWHQGLGRSRUVXVFRPSDxHURV3DEORSLGHODEDMD
SHURVHHQFXHQWUDFRQTXHODPXWXDQRORFRQVLGHUDDFFLGHQWHGHWUDEDMRVLQRDFFLGHQWHQRODERUDO\DTXHpOKDFRPHWLGRXQDLPSUXGHQFLD
WHPHUDULD TXHQRSURIHVLRQDO \DGHPiVODHPSUHVDORYDDVDQFLRQDU
SRUXQDIDOWDJUDYHVHJ~QFRQYHQLR(VFRUUHFWDODDFWXDFLyQGHOD
PXWXD\ODHPSUHVD"
  8QD PiTXLQD VH LQFHQGLD \ HPSLH]D D HFKDU JUDQ FDQWLGDG GH
KXPR'DYLGTXHHVHORSHUDULRTXHODXVDQRUPDOPHQWH\FRQRFHOD
PiTXLQDDYLVDDORVFRPSDxHURVGHTXHpVWDSXHGHHVWDOODU\TXHHO
KXPRHVPX\Wy[LFRSRUORTXHDEDQGRQDQWRGRVHOWDOOHU6HWUDWDGH
XQULHVJRJUDYHHLQPLQHQWH"+DDFWXDGRFRUUHFWDPHQWH'DYLG"
 <RODQGDYDDFRPHQ]DUDWUDEDMDUFRPRGLVHxDGRUDJUiFDHQXQD
SHTXHxDHPSUHVDGHWUDEDMDGRUHV+DWHUPLQDGRUHFLHQWHPHQWHHO
JUDGRVXSHULRUGHDUWHVJUiFDVSRUORTXHOHYDQDUHDOL]DUXQFRQWUDWRHQSUiFWLFDV/DHPSUHVDOHSUHJXQWDVLWLHQHIRUPDFLyQHQULHVJRV
ODERUDOHV\HOODFRQWHVWDTXHVtTXHDOJRYLRHQ)2/GXUDQWHHOFLFOR
SRU OR TXH OD HPSUHVD OH GLFH TXH QR KDFH IDOWD TXH UHDOLFH QLQJ~Q
FXUVRGHIRUPDFLyQHQSUHYHQFLyQGHULHVJRV\OHHQWUHJDHOPDQXDO
GHSUHYHQFLyQ
D (VFRUUHFWRTXHODHPSUHVDQROHRIUH]FDIRUPDFLyQHQSUHYHQFLyQ
GHULHVJRVODERUDOHV"3RUTXp"(VVXFLHQWHODHQWUHJDGHOPDQXDO"




#H %
L


 &XiQWRVGHOHJDGRVGHSUHYHQFLyQ\HQVXFDVRPLHPEURVGHO
&RPLWpGH6HJXULGDG\6DOXGGHEHUtDQWHQHUODVVLJXLHQWHVHPSUHVDV"
D 8QRVDVWLOOHURVFRQWUDEDMDGRUHV
E 8QDIiEULFDGHDXWRPyYLOHVFRQWUDEDMDGRUHV
F 8QDHPSUHVDGHPHQVDMHUtDFRQWUDEDMDGRUHV
G 8QDSHOXTXHUtDFRQWUDEDMDGRUHV
 6HOHFFLRQDODPRGDOLGDGGHRUJDQL]DFLyQPiVDGHFXDGDSDUDFDGD
XQDGHODVHPSUHVDVVLJXLHQWHVHLQGLFDVLGHEHUtDUHXQLUDOJ~QUHTXLVLWRHQVXFDVR
D 6XSHUPHUFDGRFRQWUDEDMDGRUHV
E (PSUHVDIDPLOLDUGHYHQWDGHWHODVDOS~EOLFRFRQWUDEDMDGRUHV
F (PSUHVDFRQWUDEDMDGRUHVGHGLFDGDDODLQGXVWULDVLGHU~UJLFD
DFWLYLGDGGHULHVJRHVSHFLDO
G (PSUHVDGHVHUYLFLRVGHMDUGLQHUtDFRQWUDEDMDGRUHVTXHQRKD
GHVLJQDGRDQLQJXQRGHHOORVSDUDDVXPLUODSUHYHQFLyQHQODHPSUHVD
H  (PSUHVD TXH VH GHGLFD D UHDOL]DU LQVWDODFLRQHV HOpFWULFDV GH DOWD
WHQVLyQHQODTXHWUDEDMDQHPSOHDGRV$QDOL]DHOFDVRVLWXYLHVH
WUDEDMDGRUHV

:H J
  


 (QXQDHPSUHVDVHKDSURGXFLGRXQDFFLGHQWHPX\JUDYHFRQXQ
WUDEDMDGRUPXHUWRGRVKHULGRVJUDYHV\XQROHYH/RVKHULGRVKDQHVWDGRGHEDMDODERUDOSXHVKDQUHTXHULGRUHSRVRHQFDVD'HEHLQYHVWLJDUVHHVWHDFFLGHQWH"<QRWLFDUVHDODDXWRULGDGODERUDO"&yPR
VHQRWLFDDWUDYpVGHLQWHUQHW"
  (QHODFFLGHQWHDQWHULRUKDQRFXUULGRORVVLJXLHQWHVKHFKRVTXH
KDQVXSXHVWRXQFRVWHSDUDODHPSUHVDSDUDHOWUDEDMDGRU\VXIDPLOLD
\SDUDODVRFLHGDG,QGLFDDTXpWLSRGHFRVWHKDFHQUHIHUHQFLDFDGD
XQRGHHOORV
D (O,QVSHFWRUGH7UDEDMRKDLPSXHVWRXQDVDQFLyQGHDOD
HPSUHVD6HKDLQLFLDGRXQSURFHGLPLHQWRSHQDOFRQWUDODHPSUHVD
E /RVWUDEDMDGRUHVQRKDQVHJXLGRWUDEDMDQGRHOUHVWRGHOGtD
F $OGtDVLJXLHQWHORVWUDEDMDGRUHVVHPDQLIHVWDURQDODSXHUWDGHOD
HPSUHVDSRUIDOWDGHPHGLGDVGHVHJXULGDG
G (OWpFQLFRGHSUHYHQFLyQGHGLFyGRVGtDVDLQYHVWLJDUHODFFLGHQWH
(OGHSDUWDPHQWRDGPLQLVWULYRJHVWLRQyODFRPXQLFDFLyQDOD$XWRULGDG
/DERUDOGHODFFLGHQWHODERUDOPHGLDQWHHOVLVWHPD'HOW#
H /D,QVSHFFLyQGH7UDEDMRKDGHGLFDGRGtDVDLQYHVWLJDUHODFFLGHQWH
\WUDPLWDUODFRUUHVSRQGLHQWHVDQFLyQ
I  /D 6HJXULGDG 6RFLDO VH KD KHFKR FDUJR GHO  GH OD SUHVWDFLyQ
SRUODVGRVEDMDVODERUDOHV\ODHPSUHVDGHORWUR$VtPLVPROD
6HJXULGDG6RFLDOVHKDFHFDUJRGHODSHQVLyQGHYLXGHGDG\RUIDQGDG

E 4XpFDUDFWHUtVWLFDVWHQGUtDTXHWHQHUGLFKDIRUPDFLyQ"

J  (O GRORU GH OD IDPLOLD DQWH OD SpUGLGD GHO WUDEDMDGRU PXHUWR HQ HO
DFFLGHQWH

F &XiQGRGHEHUHDOL]DUVH\HQTXpKRUDULR"

K /DSpUGLGDGHODFDSDFLGDGODERUDOGHORVKHULGRVJUDYHV\OHYHV

46




?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$

. 


#H .
 
  


'H %
 
  


 /DVHPSUHVDVSRGUiQWHQHUUHVSRQVDELOLGDGSRULQ0
(
  
  


 /DHPSUHVDWLHQHODREOLJDFLyQGH

D 8QDUHVSRQVDELOLGDGDGPLQLVWUDWLYDDWUDYpVGHODVVDQFLRQHVGHOD
,QVSHFFLyQGH7UDEDMR

D (ODERUDUXQSODQGHSUHYHQFLyQGHULHVJRVGRQGHVHGHQLUiTXp
KDFHUTXLpQHVFyPR\FRQTXpUHFXUVRVFXHQWDODHPSUHVD
E (YDOXDUORVULHVJRVODERUDOHVSRUFDGDGHSDUWDPHQWRGHODHPSUHVD

E 8QDUHVSRQVDELOLGDGFLYLOLQGHPQL]DQGRHFRQyPLFDPHQWHDORVWUDEDMDGRUHVSRUORVGDxRVFDXVDGRV

 5HVSHFWRDORV(3,VQRHVFLHUWRTXH

F  8QDUHVSRQVDELOLGDGSHQDOSRUHOKHFKRGHSRQHUHQSHOLJURJUDYH
ODYLGDODVDOXGRODLQWHJULGDGItVLFDGHOWUDEDMDGRUSXGLHQGRLUDOD
FiUFHOVHJ~QODJUDYHGDG

D /DHPSUHVDGHEHHQWUHJDUORVGHIRUPDJUDWXLWD

G 7RGDVVRQFLHUWDV

E /RV(3,VTXHSURWHMDQIUHQWHDULHVJRVJUDYHV\PX\JUDYHVGHEHQ
LUFRQPDUFDGR&(\GtJLWRVTXHPXHVWUDQODJDUDQWtDGHFRQWURO
SRUXQDHQWLGDGFHUWLFDGD

 $QWHXQWUDEDMDGRUTXHVHQLHJXHDWRPDUODVPHGL0
  





F  &RQWUDWDUXQSODQGHHPHUJHQFLDFRQXQDHPSUHVDHVSHFLDOL]DGD

D +DEUiTXHOODPDUDO,QVSHFWRUGH7UDEDMRSDUDTXHORVDQFLRQH

F  /DHPSUHVDWLHQHODREOLJDFLyQGHHQWUHJDUORVSHURQRGHYLJLODUVL
ORVXVDQORVWUDEDMDGRUHV

E (VXQPRWLYRGHGHVSLGRSRUFDXVDVREMHWLYDV

G 'HEHQVHUHUJRQyPLFRV\DGDSWDGRVDFDGDWUDEDMDGRU

F  +DEUiTXHDFXGLUDODVIDOWDVOHYHVJUDYHV\PX\JUDYHVGHOFRQYHQLRSDUDTXHODHPSUHVDORVDQFLRQHVHJ~QORTXHDOOtVHLQGLTXH

 ,QGLFD TXLHQ HVWi DXWRUL]DGR SDUD SDUDOL]DU WRWDO0



  9 
(

  9

:H %
L


D 6RODPHQWHHOHPSUHVDULR
E 6LQRORKDFHODHPSUHVDORSXHGHQKDFHUORVUHSUHVHQWDQWHVGHORV
WUDEDMDGRUHVYROYLpQGRVHDWUDEDMDUFXDQGRHVWRVORGHFLGDQ
F  6LQRORKDFHODHPSUHVDORSXHGHQKDFHUORVUHSUHVHQWDQWHVGHORV
WUDEDMDGRUHVSHURGHEHQFRPXQLFDUORLQPHGLDWDPHQWHDODHPSUHVD\DODDXWRULGDGODERUDOHQXQSOD]RGHKRUDV
G 1LQJXQDHVFLHUWD
 /DIRUPDFLyQHQSUHYHQFLyQGHULHVJRV
D 6HUiDFDUJRGHODHPSUHVDVLQTXHGHEDSDJDUODHOWUDEDMDGRU
E /DIRUPDFLyQGHEHUHDOL]DUVHFXDQGRVHFRQWUDWDDFDGDWUDEDMDGRU

 8QHPSUHVDULRTXHWLHQHWUDEDMDGRUHVDODKRUD
   (
   %
L

 


D 1R SXHGH DVXPLUOD HO SURSLR HPSUHVDULR \D TXH WLHQH PiV GH 
WUDEDMDGRUHV
E 3RGUtDDVXPLUODHOSURSLRHPSUHVDULRJHVWLRQDQGRWRGDVODVDFWLYLGDGHVGHODSUHYHQFLyQGHULHVJRV
F  3RGUtDDVXPLUODHOSURSLRHPSUHVDULRSHURQRSRGUiHQFDUJDUVHGH
ODYLJLODQFLDGHODVDOXGTXHGHEHUiVXEFRQWUDWDUFRQRWUDHQWLGDG
G 3RGUtDDVXPLUODHOSURSLRHPSUHVDULRVLWXYLHVHHOPiVWHUHQSUHYHQFLyQGHULHVJRVODERUDOHV

F  6HFRPSXWDFRPRWLHPSRGHWUDEDMR

 (QHOFRPLWpGHVHJXULGDG\VDOXG

G 7RGDVVRQFLHUWDV

D +DEUiWDQWRVUHSUHVHQWDQWHVGHODHPSUHVDFRPRGHOHJDGRVGHSUHYHQFLyQ

 (QFXDQWRDODYLJLODQFLDGHODVDOXG

E 6RORH[LVWHVLODHPSUHVDWLHQHPiVGHWUDEDMDGRUHV

D 6HUHDOL]DUiQUHFRQRFLPLHQWRVPpGLFRVVRODPHQWHDOLQLFLRGHODDFWLYLGDGODERUDO

F  1RWLHQHQTXHVHULQIRUPDGRVGHORVDFFLGHQWHVGHWUDEDMR

E 6H UHDOL]DUiQ ODV SUXHEDV LPSUHVFLQGLEOHV \ QHFHVDULDV SDUD HVH


SXHVWR
F  (OHPSUHVDULRWHQGUiFRQRFLPLHQWRGHORVUHVXOWDGRVGHORVUHFRQRFLPLHQWRVPpGLFRV
G (OWUDEDMDGRUVLHPSUHHVWDUiREOLJDGRDUHDOL]DUODVSUXHEDVGHOUHFRQRFLPLHQWRPpGLFR

H J
  


 (VREOLJDWRULRQRWLFDUORVDFFLGHQWHVTXH
D 6HDQOHYHVRJUDYHV
E 4XHFRQOOHYHQEDMDODERUDOGHDOPHQRVXQGtD
F  4XHFRQOOHYHQXQDDWHQFLyQPpGLFDFRQHOERWLTXtQGHODHPSUHVD

4=

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$




(172512/$%25$/

 
   %  

 5  %( (
6HJ~QHO   &(  :

  19HQXQHVWXGLRGHODxRDSHVDUGHTXHODOH\REOLJDD
ORVFHQWURVGHWUDEDMRDTXHFXHQWHQFRQUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVHQPDWHULDGHSUHYHQFLyQQRWRGDVODVHPSUHVDVGLVSRQHQGHHOORV
/RVGDWRVVRQORVVLJXLHQWHV
7DPDxRGHODSODQWLOOD
P   

 

'HD

'HD

'HD

'HD

)-- 





2((P



(32P

1--P

2,2P

7DEOD3UHVHQFLDGHGHOHJDGRVGHSUHYHQFLyQHQHOFHQWURGHWUDEDMRVHJ~QWDPDxRGHODSODQWLOOD(QFXHVWDDFHQWURV

3RURWURODGRODHQFXHVWDDUPDTXHHQHOGHFHQWURVGHRPiVWUDEDMDGRUHVTXHWLHQHQQRPEUDGRDOJ~QGHOHJDGRGHSUHYHQFLyQVH
KD
(  5  %( (SRUORTXHHQXQQRVHKDFRQVWLWXLGR(VWHFDPELDVHJ~QHOWDPDxRGHOFHQWUR\D
TXHHQORVFHQWURVHQWUH\WUDEDGRUHVHVGHOPLHQWUDVTXHHQORVFHQWURVGHPiVGHWUDEDMDGRUHVODLPSODQWDFLyQHVGHO
&yPRDIHFWDODSUHVHQFLDGHODJXUDGHOGHOHJDGRGHSUHYHQFLyQHQODVDFWLYLGDGHVSUHYHQWLYDVTXHUHDOL]DODHPSUHVD"

/DHQFXHVWDYLHQHDFRQUPDUFyPRYDUtDVLJQLFDWLYDPHQWHODFDQWLGDGGHDFWLYLGDGHVSUHYHQWLYDVUHDOL]DGDVVHJ~QTXHHOFHQWURGHWUDEDMR
GLVSRQJDRQRGHGHOHJDGRGHSUHYHQFLyQ


B
 





$%
 



5HFRQRFLPLHQWRVPpGLFRV





A  






A
    
 

(*P

)2P

/   
 



B
 





$%
  



,QIRUPDFLyQDWUDEDMDGRUHV



)1P

)RUPDFLyQDWUDEDMDGRUHV



)-P

3ODQLFDFLyQDFWLYLGDGSUHYHQWLYD





/   
 

7DEOD$FWLYLGDGHVSUHYHQWLYDVUHDOL]DGDVVHJ~QODH[LVWHQFLDRQRGHODJXUDGHOGHOHJDGRGHSUHYHQFLyQ(QFXHVWDDFHQWURV

CE(5  %


L %
  F
6HJ~QHODQWHULRUHVWXGLRGHO2EVHUYDWRULRGH(VWXGLRVVREUH&RQGLFLRQHVGH7UDEDMRGHODxRODPD\RUtDGHODVHPSUHVDVHOLJHQHOVHUYLFLR
GHSUHYHQFLyQDMHQRSDUDHQFDUJDUVHGHODSUHYHQFLyQGHULHVJRVODERUDOHVHQVXVHPSUHVDV9HDPRVORVGDWRVSXHVFDPELDHQIXQFLyQGHO
WDPDxRGHODHPSUHVD
9)-


9*)-


)-- 





*()P

*12P

1)P

(2,P

3**P



7DPDxRGHODSODQWLOOD

:
3

A

  
 

1)(P

'HVLJQDFLyQGHWUDEDMDGRUHV



*1P

*,(P

6HUYLFLRSUHYHQFLyQDMHQR





(-P

(-*P

'HD

'HD

$
  
 
 



1,(P

2)1P



$
  
    



*2*P

2*P

 

12*P



)3P

2*P



11P

1-1P

7DEOD5HFXUVRVSUHYHQWLYRVLPSODQWDGRVHQODVHPSUHVDVVHJ~QWDPDxRGHODHPSUHVD(QFXHVWDDFHQWURV
1RWDFRQSRVWHULRULGDGDODxRVHUHIRUPyODQRUPDWLYDGHSUHYHQFLyQSDUDTXHHQODVHPSUHVDVGHPHQRVGHWUDEDMDGRUHVSXHGDHOHPSUHVDULRDVXPLU
SHUVRQDOPHQWHODSUHYHQFLyQ+D\TXHWHQHUHQFXHQWDWDPELpQTXHXQDHPSUHVDSXHGHXWLOL]DUYDULDVPRGDOLGDGHVDODYH]FDGDXQDDVXPLHQGRXQVHUYLFLR

CE(5  


 

 

 
   

F
6HJ~QHOPHQFLRQDGRHVWXGLRODVSULQFLSDOHVDFWLYLGDGHVFRQWUDWDGDVVRQ(ODERUDUHOSODQGHSUHYHQFLyQ  LQIRUPDFLyQDORVWUDEDMDGRUHV
 SODQLFDFLyQGHODDFWLYLGDGSUHYHQWLYD  HYDOXDFLyQGHULHVJRV  IRUPDFLyQDORVWUDEDMDGRUHV  YLJLODQFLDPpGLFDHVSHFtFD  HODERUDFLyQGHGRFXPHQWDFLyQ  
&8(67,21(6
D 4XpWLSRVGHHPSUHVDVWLHQHQLPSODQWDGDODSDUWLFLSDFLyQGHORVWUDEDMDGRUHVHQSUHYHQFLyQ"4XpVRQHQWUH\WUDEDMDGRUHV"$IHFWD
ODH[LVWHQFLDGHGHOHJDGRVGHSUHYHQFLyQHQODDFWLYLGDGSUHYHQWLYDGHODHPSUHVD"$OUHGHGRUGHTXp"
E 4XpPRGDOLGDGRUJDQL]DWLYDHVODSUHIHULGDSRUODVHPSUHVDVHVSDxRODV"4XpDFWLYLGDGHVVRQODVPiVFRQWUDWDGDV"
F $TXpFUHHVTXHSXHGHVHUGHELGRTXHVHUHFXUUDPiVDXQVHUYLFLRGHSUHYHQFLyQDMHQRTXHDODGHVLJQDFLyQGHWUDEDMDGRUHVGHODHPSUHVD"

44




?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
(172512/$%25$/

& '::!&$1& !$ !1!$&.&


8QRGHFDGDWUHVDFFLGHQWHVGHWUDEDMRPRUWDOHVHVGHWUiFR
(OGHORVDFFLGHQWHVPRUWDOHVHQHOWUDEDMRVHGHEHDXQVLQLHVWURHQODFDUUHWHUD&DGDGtDVHSURGXFHQDFFLGHQWHVODERUDOHVGHWUiFR
\FDGDVHPDQDPXHUHQWUDEDMDGRUHVSRUDFFLGHQWHGHWUiFRKDDVHJXUDGR0DUWD=LPPHUPDQQGLUHFWRUDGHOGHSDUWDPHQWRGHLQYHVWLJDFLyQ
GHO,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMRGXUDQWHODMRUQDGD/D6HJXULGDG9LDO/DERUDO
(QFXDQWRDOSHUOORVDFFLGHQWHVLQLWLQHUHVHSURGXFHQPiVHQWUHPXMHUHVHVSHFLDOPHQWHHQHOVHFWRULQGXVWULDOSUREDEOHPHQWHSRUODV
PD\RUHVGLVWDQFLDVHQWUHHOFHQWURGHWUDEDMR\HOGRPLFLOLRDSXQWD0DUWD=LPPHUPDQQ(QORVVLQLHVWURVHQMRUQDGDSUHGRPLQDQORVKRPEUHV
MyYHQHV
(OUHWRSDUDODVHPSUHVDVHVLQFRUSRUDUODFXOWXUDGHODVHJXULGDGYLDOKDVHxDODGRHOGLUHFWRUGH7UiFR3HUH1DYDUURTXHKDLQVWDGRDORV
HPSUHVDULRVDTXHLQFOX\DQSURJUDPDVGHIRUPDFLyQLQIRUPDFLyQ\FRQFLHQFLDFLyQSDUDHYLWDUHOIDOORKXPDQRHQORVDFFLGHQWHVODERUDOHV
)XHQWH(O3DtVFRP
D +D\TXHGLVWLQJXLUHQWUHORVDFFLGHQWHVGHWUiFRLQLWLQHUHTXHVRQORVTXHVXIUHHOWUDEDMDGRUHQVXGHVSOD]DPLHQWRGHFDVDDOWUDEDMRRYLFHYHUVD\ORVDFFLGHQWHVGHWUiFRLQPLVLRQTXHVRQDTXHOORVDFFLGHQWHVTXHVXIUHHOWUDEDMDGRU\DGHQWURGHVXMRUQDGDGHWUDEDMRSRUHMHPSOR
XQFRPHUFLDOTXHYLVLWDFOLHQWHVFRQHOFRFKHRXQWUDQVSRUWLVWDGHPHUFDQFtDV
/DQRWLFLDKDEODGHDFFLGHQWHVLQLWLQHUHRDFFLGHQWHVLQPLVLRQ"'yQGHFUHHVTXHVHSURGXFHQPiVDFFLGHQWHVLQLWLQHUHRLQPLVLRQ"
E /DVFDXVDVGHORVDFFLGHQWHVGHWUiFRWDPELpQVHSXHGHQFODVLFDUHQFDXVDVWpFQLFDV\KXPDQDV&ODVLFDODVVLJXLHQWHVFDXVDVHQKXPDQDV\WpFQLFDV,QWHQVLGDGGHOWUiFRFRQGLFLRQHVFOLPDWROyJLFDVHVWDGRGHOYHKtFXORXVRGHOPyYLORUJDQL]DFLyQGHOWUDEDMR DJHQGDUHXQLRQHV
WLHPSRVGHHQWUHJDHWF ODSURSLDFRQGXFFLyQSUHVHQFLDGHRWURVFRQGXFWRUHVHVWDGRGHODLQIUDHVWUXFWXUDHVWDGRItVLFR\SVtTXLFRGHOFRQGXFWRU
FDQVDQFLRHVWUpVVXHxRHWF IDOWDGHIRUPDFLyQHQVHJXULGDGYLDO
F /RVFRVWHVGHORVDFFLGHQWHVGHWUiFRODERUDOHVVXSRQHQXQFRVWHWDQWRSDUDHOWUDEDMDGRU\ODHPSUHVDFRPRSDUDODVRFLHGDG/DVVLJXLHQWHV
PHGLGDVFHQWUDGDVHQHOIDFWRUKXPDQRSXHGHQD\XGDUDUHGXFLUORVULHVJRVGHDFFLGHQWHVGHWUiFRODERUDOHV2UGpQDODVVHJ~QFUHDVTXHSXHGHQVHUGHPD\RURPHQRUHFDFLDDVtFRPRGHODSRVLELOLGDGGHLPSODQWDUODV'HVSXpVRUJDQL]DGXQGHEDWHHQJUXSRVGHDOXPQRVSDUDOOHJDU
DXQDFXHUGRVREUHHORUGHQGHLPSRUWDQFLDGHHVWDVPHGLGDV
0HGLGDVGHSUHYHQFLyQ5HDOL]DUHOWUDEDMRDGLVWDQFLD WHOHWUDEDMR ODH[LELOLGDGHQHOKRUDULRFRPSDUWLUHOFRFKHXVRGHOWUDQVSRUWHS~EOLFR
IRUPDFLyQHQVHJXULGDGYLDOUHYLVLyQ\PDQWHQLPLHQWRUHJXODUGHOYHKtFXOR
3XHGHVHQFRQWUDUPiVLQIRUPDFLyQHQZZZVHJXULGDGYLDOODERUDOHV

' .&"- $"'#!!' &)-.&"'.!' : $ .&:'.J & -.&"1':! $&"


N:% 
   +  


 (  (
9O
(O-X]JDGRGHOR6RFLDOQ~PHURGH9LWRULDKDLPSXHVWRXQUHFDUJRGHOHQODSHQVLyQGHODYLXGHGDGGHXQH[WUDEDMDGRUGHODHPSUHVD
$FHURVGH/ORGLRDFWXDO6LGHQRU,QGXVWULDOGHELGRDODIDOWDGHPHGLGDVGHSUHYHQFLyQHQODSODQWDSDUDHOXVRGHDPLDQWRHQWUHORVDxRV
\ORV(GXDUGR69WUDEDMyHQHVWDSODQWDGHVGHKDVWDVXFLHUUHHQSHULRGRHQHOTXHVHJ~Q&&22HVWXYRH[SXHVWRGHIRUPD
FRQWLQXDGDDODPLDQWRHQVXVODERUHVGHDOEDxLO)DOOHFLyHQGLFLHPEUHGHDORVDxRVGHHGDGWUDVSDVDUORV~OWLPRVDxRVGHVXYLGD
FRQD\XGDGHR[tJHQRGHIRUPDSHUPDQHQWH
(O,QVWLWXWR1DFLRQDOGHOD6HJXULGDG6RFLDOOHKDEtDFRQFHGLGRODLQFDSDFLGDGDEVROXWDSRUHQIHUPHGDGSURIHVLRQDOFDVLDOPLVPRWLHPSR
TXH IDOOHFLy SRU DVEHVWRVLV OR TXH VXSXVR XQD DFWXDOL]DFLyQ DO DO]D GH OD SHQVLyQ GH YLXGHGDG SRU KDEHU VLGR OD FDXVD GH VX PXHUWH XQD
GROHQFLDUHODFLRQDGDFRQVXDFWLYLGDGODERUDO$KRUDHO-X]JDGRGHOR6RFLDOKDGLFWDPLQDGRTXHVHDERQHXQUHFDUJRGHOVREUHODSHQVLyQ
GHYLXGHGDGDFWXDOSRUFRQVLGHUDUTXHODIDOWDGHSUHYHQFLyQSRUSDUWHGHODHPSUHVDIXHODFDXVDGHOIDOOHFLPLHQWR/DYLXGDSHUFLELUiHVWH
LQFUHPHQWRFRQFDUiFWHUUHWURDFWLYRGHVGHDxRHQHOTXHIDOOHFLyVXPDULGR
)XHQWH(O3DLV
D 4XpWLSRGHUHVSRQVDELOLGDGHPSUHVDULDOVHOHH[LJLyDODHPSUHVD"
E 'HQWURGHOPDUJHQGHUHFDUJRTXHVHSXHGHLPSRQHUHO-X]JDGRGHOR6RFLDOHVWDEOHFLyHOPi[LPRRHOPtQLPR"3RUTXpPRWLYR"
F &XiQWRVDxRVWUDEDMy(GXDUGRHQODSODQWDGHODHPSUHVD"6XIULyXQDFFLGHQWHGHWUDEDMRRXQDHQIHUPHGDGSURIHVLRQDO"
G 4XpFDUDFWHUL]DDODHQIHUPHGDGSURIHVLRQDOTXHODGLVWLQJXHGHODFFLGHQWHSDUDTXHSXHGDUHFLELUVHXQDSUHVWDFLyQSDVDGRVORVDxRV"
H 4XpRSLQLyQWLHQHVGHHVWDQRWLFLD"

4I

?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$




('8&$&,1(19$/25(6(1(/081'2/$%25$/

.&"- $"'#!!' &)-.&"'.!'V 1.'#'>' .


8QWULEXQDOFXOSDDXQDOEDxLOGHODFFLGHQWHODERUDOTXHVXIULy\OHUHWLUDODLQGHPQL]DFLyQ
    " 7 
/D$XGLHQFLDGH%DUFHORQDKDGLFWDGRXQDVHQWHQFLDSHQDOTXHFXOSDDXQDOEDxLOGHOJUDYHDFFLGHQWHTXHVXIULyTXHOHGHMyWHWUDSOpMLFR
3RUHVHPRWLYRHOWULEXQDODEVXHOYHFRQWRGRVORVSURQXQFLDPLHQWRVIDYRUDEOHVDOHPSUHVDULRSDUDHOTXHWUDEDMDEDHODFFLGHQWDGR\DO
DUTXLWHFWRGHODREUD$PERVKDEtDQVLGRFRQGHQDGRVLQLFLDOPHQWHSRUXQMX]JDGRGHORSHQDODXQDxRGHSULVLyQSRUXQGHOLWRGHOHVLRQHV\
DSDJDUXQDLQGHPQL]DFLyQGHHXURVSHURDKRUDOD$XGLHQFLDGH%DUFHORQDKDDQXODGRODFRQGHQD\ODLQGHPQL]DFLyQ/DVHQWHQFLD
HVUHFXUULEOHSRUODYtDFLYLO
/DVHQWHQFLDKDVLGRGLFWDGDSRUOD6HFFLyQ6HJXQGDSUHVLGLGDSRU3HGUR0DUWtQTXLHQWDPELpQKDVLGRSRQHQWH/RVRWURVGRVLQWHJUDQWHV
GHOWULEXQDOVRQORVPDJLVWUDGRV-DYLHU$U]~D\-RVp&DUORV,JOHVLDV(QGHFODUDFLRQHVDODFDGHQD6(50DUWtQMXVWLFyD\HUODUHVROXFLyQ
'HVGHHOPRPHQWRHQTXHHOWUDEDMDGRUDFHSWyODUHDOL]DFLyQGHOWUDEDMRVHSXVRHQVLWXDFLyQGHSHOLJUR(QVtQWHVLVHVHODUJXPHQWRTXH
H[SRQHHQODVHQWHQFLDHQVHQWLGRDEVROXWDPHQWHFRQWUDULRDODTXHGLFWyHOSDVDGRPHVGHPD\RHO-X]JDGRGHOR3HQDOQ~PHURGH0DWDUy
(ODFFLGHQWHRFXUULyODPDxDQDGHOGHMXOLRGHFXDQGR(3)UHFLELyHOHQFDUJRGHUHMXQWDUODVEDOGRVDVGHXQODYDGHUR(ODOEDxLO
VHVXELyDXQFDEDOOHWHSHUGLyHOHTXLOLEULR\FD\yGHVGHXQDDOWXUDGHPHWURVSRUHOKXHFRGHODIDFKDGDTXHVHHQFRQWUDEDVLQQLQJXQD
PHGLGDGHVHJXULGDGGHFHUUDPLHQWRDUPDODSULPHUDVHQWHQFLD$UHVXOWDVGHODFFLGHQWHHOWUDEDMDGRUTXHGyWHWUDSOpMLFR'XUDQWHHOMXLFLR
VHVHQWDURQHQHOEDQTXLOORHOFRQVWUXFWRU0$00GXHxRGHODHPSUHVDSDUDODTXHWUDEDMDEDHODOEDxLO\HODUTXLWHFWR05
C  
(OSULPHURDGPLWLyTXHHOKXHFRGHODYHQWDQDQRWHQtDPHGLGDVGHVHJXULGDGDXQTXHSUHFLVyTXHSRUHOUHVWRGHODREUDVtH[LVWtDQ3RUVX
SDUWHHODUTXLWHFWRH[SOLFyTXHKDEtDFDVFRVDUQHVHV\UHGHVGHVHJXULGDG(ODOEDxLOVLQHPEDUJRGHFODUyTXHQRSLGLyHVDVPHGLGDVGH
VHJXULGDGSRUTXHORKDEUtDQGHVSHGLGR/DLQVSHFFLyQGHWUDEDMRDSUHFLyXQDLQIUDFFLyQODERUDOPX\JUDYH
/DMXH]GH0DWDUyFRQVLGHUyTXHVHSURGXMRXQDVLWXDFLyQGHSHOLJURTXHHVDSUHFLDEOHLQFOXVRSRUTXLHQQRHVSURIHVLRQDOGHODFRQVWUXFFLyQ
GH OD TXH UHVSRQVDELOL]y DO HPSUHVDULR \ DO DUTXLWHFWR HQ XQ  3RU HVR OD MXH] FRQGHQy D FDGD XQR D XQ DxR GH FiUFHO \ My XQD
LQGHPQL]DFLyQGHHXURVSHVHDTXHFRQVLGHUDTXHHODOEDxLOWXYRVXSDUWHGHUHVSRQVDELOLGDGDOWUDEDMDUVLQPHGLGDVGHVHJXULGDG
(ODOEDxLO\ORVFRQGHQDGRVUHFXUULHURQ\DKRUDOD$XGLHQFLDGH%DUFHORQDFDUJDFDVLWRGDODUHVSRQVDELOLGDGHQHOREUHURGHOTXHGLFHTXH
DOWUDEDMDUFRPRORKL]RWXYRXQDFRQGXFWDFODPRURVDPHQWHLPSUXGHQWH(OWULEXQDODGPLWHTXHODHPSUHVDLQIULQJLyODRUGHQDQ]DGHWUDEDMR
SHURLQVLVWHHQTXHIXHHODOEDxLOTXLHQGHWHUPLQyHQH[FOXVLYDODIRUPD\FLUFXQVWDQFLDVGHOWUDEDMR
(VWDVHQWHQFLDFLHUUDODYtDSHQDOSHURHOWUDEDMDGRUSXHGHLQLFLDUXQQXHYRSOHLWRFLYLORODERUDO3HVHDHOORODVHQWHQFLDDEVROXWRULDJHQHUy
GLYHUVDVUHDFFLRQHV(QSULPHUOXJDUODGH-XDQ$QWRQLR6DJDUGR\FDWHGUiWLFRGH'HUHFKRGHO7UDEDMRGHOD8QLYHUVLGDG&RPSOXWHQVHTXLHQ
HQWpUPLQRVJHQHUDOHVVXEUD\yODSULPHUD\HQpUJLFDREOLJDFLyQGHODHPSUHVDSDUDPLQLPL]DUORVULHVJRV\SURPRYHUTXHVHFXPSODQODV
QRUPDVGHVHJXULGDGDXQTXHUHFRUGyWDPELpQODUHVSRQVDELOLGDGGHOWUDEDMDGRUGHVHJXLUODV<DVREUHHOFDVRFRQFUHWRORVUHVSRQVDEOHVGH
VDOXGODERUDOGHORVVLQGLFDWRV8*7\&&22GH&DWDOXxDFRQVLGHUDURQLQDGPLVLEOHHLQGLJQDQWHTXHODMXVWLFLDUHVSRQVDELOLFHDOWUDEDMDGRU
GHODFFLGHQWH
)8(17((/3$,6

(VWDVHQWHQFLDJHQHUyPXFKDSROpPLFDSRUHQWRQFHVSRUVHUODSULPHUDTXHUHVSRQVDELOL]DEDDOWUDEDMDGRUGHODFFLGHQWHRFXUULGR\QRDODHPSUHVDSRUIDOWDGHPHGLGDVGHSUHYHQFLyQ/pHODDWHQWDPHQWH\UHVSRQGHDODVVLJXLHQWHVFXHVWLRQHV
D 4XpGLFWyODSULPHUDVHQWHQFLDGHO-X]JDGRGHOR3HQDOGH0DWDUy"(QTXpKHFKRVVHEDVDED"
E <TXpGLFWySRVWHULRUPHQWHOD$XGLHQFLDGH%DUFHORQD"(QTXpVHEDVDED"
F 4XpRSLQDHOFDWHGUiWLFRGH'HUHFKRGHO7UDEDMR-XDQ$QWRQLR6DJDUGR\"<ORVVLQGLFDWRV8*7\&&22"
G &UHHVTXHHOWUDEDMDGRUGHHVWHFDVRHVHOTXHGHWHUPLQDHQH[FOXVLYDODIRUPD\ODVFLUFXQVWDQFLDVGHOWUDEDMR"
H 4XpRSLQDVGHODUJXPHQWRGHOD$XGLHQFLDGH%DUFHORQD'HVGHHOPRPHQWRHQTXHHOWUDEDMDGRUDFHSWyODUHDOL]DFLyQGHOWUDEDMRVHSXVRHQ
VLWXDFLyQGHSHOLJUR"&XDQGRXQWUDEDMDGRUDFHSWDXQWUDEDMRVXSRQHWDPELpQDFHSWDUHOSHOLJURTXHFRQOOHYD"
I 2UJDQL]DGXQGHEDWHHQWUHJUXSRVGHDOXPQRVGRQGHXQRVSXHGDQHVWDUDIDYRUGHODVHQWHQFLD\RWURVQR

4@

?  

"
 


 

: $1&$! "
1!
 


*"
 
 
     

,"
 
 
        
2"
 
 
  
 
>
)"
 
 
  
 8  
>

#>&1!? "
0
  
 

  
>
6DEHUFODVLFDUORVIDFWRUHVGHULHVJRDWHQGLHQGRDVXRULJHQ
0
 H

   
 

0$
   
 
     

0
   
 
   

  

 

0$
      
 
 

>

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




<  +  % 


  
   "
' 

  '


  #
  




% 
   "  ' 6
   

 
  
 

"
.  
. 

  

 '


3  

 


   


'


   &   &



      :

  



  
   

D>'1&

 
 
 
  #
 #


 "  


 
'

   #

) 

 
 #
  

#


 " '
  
  
'. 
 %

  

 

  
  

 (%  9: 


  
 


 *(  9:  (#  

 
#


3

 +,:
     
  "
  

   .
3

 *(,:     
 
#
3

  %:  "  
    6
 % +,
 %: 
'
6 ' 
  .

 % 

 %:   
'.   
6
  



 %
L
 9:    "

  
   

 



  
". %
(#
 , 
:  
'
.

 
6.
 
  ".   


.
 


3



%

'



'



 '
 

,'.

)
G
7

<   %   




  %(


   "  

  

 
:  

%  (# 


   

)  

 


    
  




%
@

" 

  



 

G(#  


@

)
@


 

I

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




<<  (%  9


 6
%  

 
  
   
    
 % 
  
#





2

 *( %(  

 ,
 #


 
 

% D #



 
 #
 L
  9  
  


  


6 
  )  "
  


  
"
)   


 2
 "
     #

  

 
:
A



A  

>
&
 

/DVHVWUXFWXUDVGHEHQVHUVyOLGDV\WHQHUODVXFLHQWHUHVLVWHQFLDSDUDVRSRU  


 


 


  
 6  
 

  
2
"
$


  
:
 

 05
 
 

 
1
  
    %     
"
 
   
3 
K   
. '
  

 

A
7 

 

 #


   
 


 
 
   
8    
 
$  
 

R




 

".

%  
&6   .

    
 #


   '


$3[AR
@


F 



%

B
  %


#;":' &$ ' K&#

 %
  
#
 #


6 
(
 


7 ( '. 

 /%
  
SUHIDEULFDGRV MRV HQ HO ,16+7HQ1RWDV3UiFWLFDV\


"

  (:
:LLNNN 
L,]
LF
 L$
L
2A
L L;L 5P;  '

G$,$3R $ @!*F,X* L @AFF,X*


F  " 
 
 
R
&6.

 
 
  

G


 
   
6
 
.  



   

  

<< )*(
 

 (#  
 
 '



  


%




  "

 & #
  
      



+
   2*(
 
:

$3[AR

G$,$3R $ @!*F,X* L @AFF,X*

B

F

3

3

>
 
 
.
  

F
)
,
 
R


G
 

"
.

 
&
 (#  #
   

  
G  F  #

 "

 
G
 

. 
":
J 
   

    (#

J  
"  
.


$"

    ) '
) #




  (#  

  

  
 
  #
    
J
 , 
    (#\
"
 

    

 
"



D>'1&

   (#



"   F  
  


 
  .
 % 


I

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




 
 )  


%   
  

 
  "
 


 
 (#   

 
"
 #

   '

  %
 



 

:
J 

 (   
 #
 #

6 G "

     

6  

 #

  "  


'


 


 
 
 "     

1
 
 



 



 





  
( 
)
$3[AR

G$,$3R $ @!*F,X* L @AFF,X*

B

F 
 
.

F
)

8VDUODVKHUUDPLHQWDVVRORSDUDHOQDOTXHHVWiQGHVWLQDGDV

"   


 .

 



G

  
".


 
A
  
6

-2 
G3>J,*3@,3 C D@@3G,*3R:
 
#
 
6  

  '"
 
#
%: (#  


1    
 (#   #


 %
   '"
1 =>) 
& 

 #



 

 #?
F (QWUDHQODSiJLQDVLJXLHQWHGHO,16+7HQ1RWDV3UiFWLFDV\UHFDEDLQIRUPDFLyQVREUHODVSULQFLSDOHVPHGLGDVGHVHJXULGDGHQPiTXLQDV

 

"

  ( #


 .:
:LLNNN 
L,]
LF
 L$
L
2A
L LKK9L KPK9  '
1    
 

 
 #
 ( 

=>) & 

 #


 ?
H (QWUDHQODSiJLQDVLJXLHQWHGHO,16+7HQ1RWDV3UiFWLFDV\UHFDEDLQIRUPDFLyQVREUHODVSULQFLSDOHVPHGLGDVGHSUHYHQFLyQHQHOXVR



 
 
 

"

  ( #


 .:
:LLNNN 
L,]
LF
 L$
L
2A
L LL ;P  '

<< .% 5


C"'#D'" E;&<<<F



   




    
  0



"
 
  1 
FXDO GLFXOWD VX SUHYHQFLyQ
3
(  


) 

  

 %
  

XQSRUFHQWDMHVLJQLFDWLYRGH
 

 "


I

    (

 


) 
 ( (
   )

' 

   



  :
?



?




:
 
 


F  
      #

(
 
.  

 
 

'
   
)

F  
  " #


  


  

#
 %7
+ ,  
( 
%
   

2


 "    
"
 #
  


 
. 
 #
 
<  
  
  

 
 
 
  "
(
  " * 
 


 "
  
  
  6

  #

 
" 
 

  ")
 
R

  



?91-"/ BDA$9AD%A$6B<$?#DA4A%J




 &



" '
 
 
 ( 


  


  



 
 031 A '
 
  
 
  #

 
    #



  :   
 6.
 .2 
 


 & 
<
 "


 
   3: *(
5 3:  0  "

 

 
 2
5   3: 

 (( - ;-953: EULODFLyQ YHQWULFXODU   


 


  "-
 6. V

"
"
(#   



  

' 
 "  



 3: 


L
 
 
 - 3- 53:   
"

 *((0



 
 #




  "

2


 V 


#

 '

 &. " 
 "


 



'



  

 " 
<
   X
 
 
"

 ( 
 
 
"
#
 
% 
  
  

 

G$,$3R $ @!*F,X* L @AFF,X*
-
'

 
 :
3
%  
 "
 .  

  


,

 (  #
  
%

@
  
 "  


-
'

 
 
:


:  
   

 #
"  
  #


  
 
 
 
  0#




( 

1 

"
  

 '

  
 

   
J 

 '


  #


 
#
 
".


  

 '

  

 




D '



" 

    ) 

    3
A 
 

. "
   .: 
   ' 
 
 
 "   




) 
 9:
,'  ")
 
&6.

J
 ,:  
 
 
  


J


 


 
: ) 

  '

9HULFDUODDXVHQFLDGHWHQVLyQ\VHxDOL]DUTXHVHHVWiQUHDOL]DQGRWUDEDMRVHOpFWULFRVDQWHVGHFRPHQ]DUDRSHUDU

-2 
@,RBA VF@,FA  ,*R33F,A*R VF@,F3R:
   % 
 

   


   

   #
 
1 =>)
    
  

  ? =>) 

 

 3? =C
; 3? =>)   


  

 '


?
1 R
   '"
 
 
6 
 #

"   

    

 
6 



PLHQWRGHLQVWDODFLRQHVHOpFWULFDVHQWUDHQODVVLJXLHQWHVSiJLQDVGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHORVFDVRVSUiFWLFRVDSDUWLU

 
 

"
. #


&:
:LLNNN 
L,]
LF
 L$
L
2A
L LKK9L ;PK9  '
:LLNNN 
L,]
LF
 L$
L
2A
L LL P  '

I

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




<6< & %  




J 
 
  '
    #


 #

(
   
  #


 6
 '
  



 

 

 #

6 4


  

  +(%:
:(  
 #

 #



 .  #   


J 
%,  
 '
  

  #




  #



 '


 


 J "
6 

 '
 )





 
  
 
#

  
 '
  




 
 
   #


6  
"



". 
" #

 '
 

2

:(


 2
 #





 

2
 4 
'

 '.
 

#


 
 




2 #
 #
6
/E$ 
#;":' &$ ' K&#

&E!7 

R #

 ' 6
 
6. 


2


 ,*RD
 
1RWDV 3UiFWLFDV \ UHVXHOYH

 

 (:

E6
9E:

:LLNNN 
L,]
LF
 L$
L
2A
L L5L 4P5  '

0XHUWHSRUDV[LDHLQWR[L.    




$3[AR

>
  
 
.

>
 
2
 
 
3
  "   

(

R 
 .  #

 
%    


 .   
% 
R      "

\  
 .  #


 
"


 #     

*DVHVLQDPDEOHVEXWDQRSURSDQRHWF
G

 
:   

G$,$3R $ @!*F,X* L @AFF,X*
'LVHxRGHHGLFLRVFRQWDQGRFRQHOXVRGHPDWHULDOHVGLItFLOPHQWH
LQDPDEOHV SURWHJLHQGR LQVWDODFLRQHV HOpFWULFDV \ FRQ SXHUWDV
'

3
  


    
LQDPDEOHV
3UHYHQLUODHOHFWULFLGDGHVWiWLFDHQDPELHQWHVLQDPDEOHV
, 



.   ( #



     


,QVWDODUVLVWHPDVGHH[WLQFLyQMRV URFLDGRUHVDXWRPiWLFRVER

 
# 
1  
2
 (
 
'  

  

C"'#&" :U) ;"'. ;$ &B1!$1 .F

E1 F

 

2 
 :
1  ( 


" "

 
 "
 '

 3 7  F
1 
FA
 <  '

 7 0# 1     
 3 0. 1
1  





 

 6

2

   .  FA 0 #

 "      


)1
  
#

. L '( 0
 "   &  

1
1 
  
 
(

 
 
%   
6
E1 $


2 
%
 "


 

E1 >  

 
4E1 @
6 


  

"  #

 "

)
 
5E1 $
    

   
 6-6   
 


I6

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




<   %   






3

 '
@

" 

  






3

 #
3

 .

<< '%
 +,
'H & (
  
  

   #

 
 0 70311    




   7 J "
. 
( 


55 7 
 #
 

 8 7
  

6  
 
%       
%
   
#



  
  



  7
2
  
 :
D   >

  R

 .

F  
 

+ 


 
"

 V


D 

 
 
%
  

  #
 (# 




   
  #

(  : 
 
  
 




D  
F  "
+ (
 
 '

   
  R


6 


 7 0F1
 


 

  .
( 
  (  
  

 

 
 

"
.  
. 
   
 
&:

C"'#D'" E;&<<<F

     "




% 

"
)  #

  
. 
 
 



"
 
 "

    


 
"
3
(
( 
 
 '





  #
"
'

.

 % 



.
'
"

'   @#        


 0
5 7
1 



 

  )  6"  
  (2 

 "

 
 , #

(


 




@I #

  4 7

G$,$3R $ @!*F,X* L @AFF,X*
$3[AR
R
 '
 
"


   " #






, 
$


6
)
# 
,
 
 
"

) 5
 %
L
R.
#   
     #
 
 


G

  
".

  

$.
 


2.
 % 



. 
" 

 6.

  

 

   (#


 #

  
"
 "

     &  
  8 7    &  
  85 7

@

 )    
   5 &  

  8 7     &  



  85 7
R
&6.
6  

) 
 9:
,'.  '.

3 
8 7




 , 0
 
%
    1 
    "


3 
85 7
 
 

I=

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




-2 
@J,$A:
1 3

'

  ,   % 
  #
 
  )  6"  

   R
&  
  #



  ( 
  
 
   
  (2
 "

 
1 =F( 
  #


 '
6  ,

.? =F( 
   ?
1 R 
".



 #

2
 8 7031
  =  ( & 


 
6   

  % 
?
1 =F

 #

   '"
2
 

 ? =  #) "?
H (QWUDHQODVLJXLHQWHSiJLQDGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHHOFDVRSUiFWLFRDSDUWLUGHODVPHGLGDVGHSUHYHQFLyQTXH


&:
:LLNNN 
L,]
LF
 L$
L
2A
L L5L 45P5  '

#H  

R

#
 
 "   
( 


     

   .

# J
%
 
  "

  
  
( #

6
  
 '
 

  %  

  



 #
"
'
 


&    
 



 :
1


0L:
  (   6 

  (#
% 
 
   
(   
 


1

 ( 
:
  #


    "
  "


 < 
 



$3[AR
. -6:
R 



  
  .
( 





 
 
     ' 
 

3
 




&


. 


:
$


   


G
 ".

G$,$3R $ @!*F,X* L @AFF,X*


$
&
#  

   
 



 "
J6.

 "
 "

3
  

  
".
@
6.
 

@


 
 %



 


2.
,'.  '.
J
 ,  
%
 



 "
   F

-2 6
!,7@3F,A*R:
1 =F

 #

2


"


 

  '"?=>) 

  "
 

 #
   

  ?
E (QWUDHQODVLJXLHQWHSiJLQDGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHHOFDVRSUiFWLFRVREUHYLEUDFLRQHVDSDUWLUGHODVPHGLGDVGH

"
. #


&:
:LLNNN 
L,]
LF
 L$
L
2A
L LL
'9  '

I4

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




:H .

  
 

%,

) #

%

     #
"" '




:  +  "
 '%   (
    "  
 '

 0."
1
/DVSRGHPRVFODVLFDUHQ
 
L

 
L
   '

  
 #


L
 
2 % 
  

6  ( "  



FiQFHUHLQFOXVRPRGLFDFLyQGHOFyGLJRJHQpWLFR
D  
 8

R    " 0 


1    +  ' 

 
R



 " 
  0 +1 
   





R   "
   '%
       '

 
 (


D  
  8   "

'% 
 


 %

  

$3[AR

G$,$3R $ @!*F,X* L @AFF,X*

@ '%  "


:
>
   &


 

F%" 

@ 
 6
:
F(
 '


'



 
 .

R
&6. 
 6

 
  
 ,
! 
. 
  
"
 "

 
 
 
.
 


2.    

A.
  , 
 :  '

 %
   
. '

@2
  
 .
'.

-2 =
@3$,3F,A*R * RA$3$J@3 C * R3*,$3$
1 R
   '"

 
6 %
   
  



  
 #
 
   


.  
 
  

)      2
)  2
:
:LLNNN 
L,]
LF
 L$
L 
L* L 
L45LP4K4  '
:LLNNN 
L,]
LF
 L$
L 
L* L 
L45LP4K5  '
1 R
   '"



    
 6
 0 @2
   1    (2 
 
 

&6.   

.

 



:
:LLNNN 
L,]
LF
 L$
L 
L* L 
L;9LP;4  '

H  (
   
 

  

  
 9 EF 
 


 
 
 
 0  
 
 
1
&XDQGRHVWRVPHFDQLVPRVVRQLQVXFLHQWHVVHSURGXFHHO5 5 #





2

 
'
$GHPiVGHHVWDVVLWXDFLRQHVGHHVWUpVWpUPLFRODWHPSHUDWXUDWDPELpQLQX\HHQHO
+  0

  9SRUORTXHODQRUPDWLYDMDXQDVFRQGLFLRQHVPtQLPDV

II

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




G$,$3R $ @!*F,X* L @AFF,X*


9HQWLODFLyQQDWXUDO\HQVXFDVRDUWLFLDO

F

 " 


 :
 % 

 
%


#
C RFLQDVGHEHHVWDUHQWUH&\HQWUDEDMRV



4-5 EF


@

 


2.


"

 
   

  '





3  


 
' 
 
 

3
  
 ' 



2

"
#
C    





7
@

 


2. 


 
 ( ( 

"  
 

$3[AR
J  
   #

  
 6
  


LQWHUQDGHy&3URYRFDHEUHHOH#
C "  #  

6 


)  

  


A &  


 . 
 

A  
'
 



 
 
%
5 EF  #
" 
 
   
#
C 

  



7
'
 
 
 
 #


 
 
.

 6



&H  (


 6   
N(XO #

   

  #
    
6 #

   
   8 
 
 
   #
 #
 (
  6    #





 
% 

  8 
 
 
( 

 . (  
  % 
  #
 

 

 
DXQDOX]LQVXFLHQWH$VLPLVPRSXHGHSURYRFDUIDWLJDYLVXDO\FDQVDQFLR
G$,$3R $ @!*F,X* L @AFF,X*
R

#

 
 6  6 
$

 . 

   '6 
  

  #
 #

%


 
 

 
.  6 

"  
 


F  " 
   
2
  

%:
 
 
2
 "
 %:  2

 
 
2
 "
 
:  2

 
 
2
 "
 : 5 2

 
 
2
 "
  : 

 2
$PRGRGHHMHPSORHQXQDOPDFpQVHUHTXLHUHQOX[HQXQDRFLQDOX[\HQXQDLPSUHQWD
  2

-2 4
G @3J@3  ,JG,*3F,X*:
1 =F

 #

2


' 


2


 

  '"? =>) 


 

 

<


"  ?
E (QWUDHQODVVLJXLHQWHVSiJLQDVGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHORVFDVRVSUiFWLFRVVREUHWUDEDMR\FDORU\VREUHLOXPLQDFLyQ
 
 
 

"
. #


&:
:LLNNN 
L,]
LF
 L$
L
2A
L LL
';K  '
:LLNNN 
L,]
LF
 L$
L
2A
L L9L
'58  '

I@

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




<< '%
 *(,
 
 #

 


% 

 



" ':
 '
 SROYRVHQVXVSHQVLyQHQHODLUHEUDV\KXPRV
 '
,*(:   

  

 '
%  "
: 
 .2 

 
 




 
   ")
 " 
 #
)

 
#


   " 
"      
  
 
/RVHIHFWRVRGDxRVTXHSXHGHQSURYRFDUHQHORUJDQLVPRKXPDQRVHFODVLFDQHQ




 
$V[LDQWHV
/ 
$   8 


7

   
$  

$3[AR
,  
 
  
 
$

  
%    ( 
,

 
2
 
  
 .2 


  
 
  )  
 
  #


  

   "


  
 

 )
  
   " 
 

 '
  
 "


 " (
   6   

 
)  

 
 
 

 
  
R


  
 "  
 


  

 
  
 
3< 
 
 
  '
   " .  
"
6 
 
 
 


C"'#D'" E;&<<<F

AEAC  

"E"  
LQDPDEOH

E C 

E

 

G$,$3R $ @!*F,X* L @AFF,X*


 %
 
( R

 )

"
. #


 

 





 % 
"      
.   0
 ,  X
  
 
  " R

  

#

GRVLVKDFHHOYHQHQRSRUORTXHHVSRVLEOHWROHUDUFLHUWDVGRVLVGHFRQWDPLQDQWHV3RU~OWLPRVH


 
 

"
.  
.
3 

 '
 
 
 
 
    
 
 

 

     (2 

@
6 

 
.   
 

 
"
 

!
. 

  6   ")

2 #



 

3
  
%

 % 

 ' 

@

 


2.  

 .
'.   % 

J
 , 
   
:  


#
 
   


'

 & #
)




#

  
 '.

  #



 %  
  
# * 


     
 
  

   
#


OE 

O E%



"E# 


  
  


: NNN  " 

*:  J    



"
#
 
  # #
(

 & 9  




I3

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




-2 I
@A$JFAR >J^G,FAR: G3*, J3F,X* C *!3R3$A:
R
   '"
 

    # 
  

"
   


  
WHVHQODFHVHQODV1RWDV3UiFWLFDV\UHVXHOYHORVFDVRVSUiFWLFRVVHJ~QODVPHGLGDVGHSUHYHQFLyQTXHVHVHxDODQ
:LLNNN 
L,]
LF
 L$
L
2A
L LL 9P  '
:LLNNN 
L,]
LF
 L$
L
2A
L L4L 4P4  '

<< '%
  %
R %
 #




 
  " 
'


 '
 
   "  
  6     
 
% 


  ")
    
  
  
  
     "

     #
  
 #: " 


"   
   ")

 
 
 . '
 

 

 
 
 % 

 %(( 
 %
,  
  


 #


 
 

 2

R
<
 %  
+
ORVDJHQWHVELROyJLFRVVHFODVLFDQHQJUXSRV
6
 1
6
 *
6
 ,
6
 2

G$,$3R $ @!*F,X* L @AFF,X*

$3[AR
D
 7

R,$3




)




  



6RQHEUHVPX\DOWDVGXUDQ
K    



  
#

 
'


 

  
'

  
  
 

  
2
 
 !
 
 



 

 " 
'

 "
  
. 2


 
 
 7 


 

 " 
'

 "
 
 
FLyQ1RKD\WUDWDPLHQWRVHFDFHV9LUXVGHOpERODODYLUXHODHWF

G
 
"
": "  

 )  
. 
3
   
 )
  

%
$
'
. 

6.
 

%
$

  
 
   



 % 


 
%
 )
* 
6  
 %   
 " 
  
%
  



* 

  

  

%
J
 , 
   
:    


,'.  '.

-2 @
@,RBAR $ @RA*3 R3*,3@,A:
R
 
 <  '"
 ' '

  


 



 

"

  (   
 

"
. #


& 
  )
  
  


  
"

 
 .:
:LLNNN 
L,]
LF
 L$
L
2A
L L9L 5;P9  '

@




?91-"/ BDA$9AD%A$6B<$?#DA4A%J

6<     % 


9
 
%

 %

2
 '  

 #

#

 

%

2
 '      '
 %  
2
 

    


 %

'H  % +,


3

 

 
6

 #

#


+(L ((   '
 #



   ' :
 +(L +,   
 %  
 %

 
 
 ( 
 #
   #

 % 
 < ( 
 

D>'1&

=F.  





?
$SR\DU UPHV ORV SLHV HQ

 
  

$    
   0
 
 1
6XMHWDUOD UPH \ FDUJDUOD


 

G

 
  

  " 

 
(

(  % 

   O 


   " 
& #

 (2 #





5 O 
 
%

 %."

  



"6    (2 


 5 O 
 % 


  





 4 O
$3[AR

 



D


$
 
"


R 

 <
 


    



 '  

G$,$3R $ @!*F,X* L @AFF,X*


  
  
  

"  

'6  
     
" 
 .
 .

R  . 
 
#

(
R

 
 
  

    

'
6
2
"
@.

 
"  
2
"   

 % 
@
6

 
%


%.
D>'1&

#H  % 

D

'

   X%
 

 % #



"
 ' 

   

  
+
#
 #

%   
 #


 


 
6

%

%
 ( 

% 
   
    
 )
 #




%  '.  

 

  
   
 
 &


' ." 
 "

  
'. #

%

$3[AR
F  


$


6

)

, 

,

G$,$3R $ @!*F,X* L @AFF,X*


@
6 

 %
3    
'.    
 % 
"   

 
%
F   " 

"6.



  

 <
 
 
'


'
 #




6 "
 

"   &
  #


 
   
 
 
"
 
#
"
 &
 

   
 6. @
#


"
.
#<  

 
' 
3





'


 /

WHDXQTXHKR\HQGtDSXHGH


 
 
 .

@

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




-2 3
G3*, J3F,X* G3*J3 $ F3@B3R:
1 ,  . 

    



1 =F(
   (2 #


 

 %  
<  
 

?
1 R

 

  '"

  
' 


 



 
  (
EDViQGRWHHQODVPHGLGDVGHSUHYHQFLyQVHxDODGDVHQODV1RWDV3UiFWLFDV
:LLNNN 
L,]
LF
 L$
L
2A
L LKK8L PK8  '

-2 
@373MA * A ,F,*3R:
D $TXpULHVJRVODERUDOHVFUHHVTXHHVWiQH[SXHVWRVORVWUDEDMDGRUHVGHRFLQDV"4XpGDxRVVRQORVPiVIUHFXHQWHV"
E 6LWXFLFORHVWiRULHQWDGRDWUDEDMDUGHQWURGHXQDRFLQDHQWUDHQHOVLJXLHQWHHQODFH\UHVXHOYHHOFDVRSUiFWLFREDViQGRWHHQODVPHGLGDV
GHSUHYHQFLyQLQGLFDGDVHQODV1RWDV3UiFWLFDV
:LLNNN 
L,]
LF
 L$
L
2A
L LL P  '

:H  
  (L
 
 

 
  "   .

" 
 
   

% 
  

( 
    
 %   




 &:
$3[AR


( 
.
"   

6
 (   %  
6
  %
   
"

   
  


((   
 



 
  


 



  

  
 




$



L     
 
)  
2


%
'

 
 

G$,$3R $ @!*F,X* L @AFF,X*

@

  

  6

@

@

   
  (L:
  

 


 "

 % 
 %

#

 
 

WHQJDTXHH[LRQDUVHSDUDPLUDUKDFLDDUULED
+D\TXHHYLWDUORVUHHMRVHQODSDQWDOODLQFOLQiQGROD\HYLWDQGRORVGHVOXPEUDPLHQWRVGHOiPSDUDV



 

 
"  
*  
 
 


 "
 

   ) 
  (
K

  

   6


  

 . 3 

" #
 % 

#
 
   
6 #

   "
   "
6 #


 "

RUGHQDGRURTXHVHUHHMHODOX]HQODSDQWDOODFXDQGRVHHVWiGHHVSDOGDVDpVWD
 . 

  




 2

"
 

 


  




@

 

  



@

  
 

 
  6.

?91-"/ BDA$9AD%A$6B<$?#DA4A%J
G$,$3R $ @!*F,X* L @AFF,X*
@

    :
 
 
    




;-95  

 



 



   
6

 .



 
&


/DVXSHUFLHGHODPHVD\HOWHFODGRGHEHVHUPDWHSDUDHYLWDUUHHMRV

G

  . 
    
6
  (
K   

  



J6   
   
  
 #


   



V




        #

(      #
 % 

 #
'6


'  

'  "



 

3

%

$

 "
5 
  
  
 


   


 ( J6  
) * 
 
"
 
'

  




 

@

   

  (%
%:
    

 
%

G

  



K    
"  





@

   %
L
 9:
@
6 


     
 
 


3
   
   


 % .
.
 


% #

#
 
%  
'.
!
   ")


 )  
. 

.
'.   % 


-2 
3JA!3J3F,X* $ JRA $ !$:
D &yPRWHVLHQWDVGHODQWHGHORUGHQDGRU"'yQGHWLHQHVVLWXDGRHORUGHQDGRUHQWXKDELWDFLyQ"+D\UHHMRVRGHVOXPEUDPLHQWRV"&DGD
(
? =

  
? =3 #)  

  


 ?
1 F
  
  
 

  
  
    
"
  #) 
 

"
.  
  % 
 
 
1 





 

"

  ( 

 
 
  
 

"
. #


&

 : :LL
NNN 
L,]
LF
 L$
L
2A
L L;L 48P;  '

=<     %


L

 9
 6.
 %
  '



 
   ) % 0
  

   (
    
 #

" 

 
'


 '

 
 
   '
 
  
 &   
  % 

  '. 

) 
  
 '


 
 

 "
 
 ,    0
% 
 

%   6.
 1 
 , 


%  ' 
7
   #
 
 

     
 
" 
.
( 6 
 %
 

 %    



  
 )

 ' 
  #

6  
   

@

?91-"/ BDA$9AD%A$6B<$?#DA4A%J
#;":' &$ ' K&#

R #

 ' 6 

 '


 


  


1RWD 3UiFWLFD GHO ,16+7 \


"

  (:
:LLNNN 
L,]
LF
 L$
L
2A
L LKK9L 5PK9  '




5
 
M   
%
3


  
%  
% 


7   
R
 

" L .
R     


 

6.
 

@
%
J 
 '
  
2
"   

 % 
,   
6  


B
 8  
>
,
 




7% 
2


".
 
F 


 




7  
> 

R '.    


 

%

  : 
( 
    
  


'
 0  
   31
R 


   

 

G$,$3R $ @!*F,X* L @AFF,X*


" %   
   

&RQRFHUORVWXUQRVFRQVXFLHQWHDQWHODFLyQDVtFRPRGLVIUXWDUGHO
VXFLHQWHGHVFDQVRHQWUHFDPELRVGHWXUQR

"  Q





 
%
R
  %  
   %  
 

 "

6
 
    "

@.


% 
  


  
  



3%  

.

   

 


 .  . 


 

R

.



-2 
A@B3*,Y3F,X* $ @373MA:
1 =D %  


? =>) '

 
& 

   
  #
'
 
"

 %?
1 =>) 
  

 #


 

   
"
 
 
?

%  



&


@6

$3[AR
 '. 
 
  
" '

 % #



 +
 X
 

 X %
 

  
     *( 5    
 *(
 9     +

(OORTXLHUHGHFLUTXHODH[LVWHQFLDGHLQVDWLVIDFFLyQQRVRORGHSHQGHGHOREXHQRRPDORTXHHVHOWUDEDMRVLQR
)

 %  
 

2
" 

 ) 
  #

  #


H[SHFWDWLYDVQRVHFXPSODQ,QX\HQORVIDFWRUHVDODYH]

  

/ *(6HWUDWDGHXQD
+
 *(  
% 
 0
  



 %  
'
:
%


  

(
(


(

 %


 % 
6. 

  %  
  

'(
%HQHOWUDWRDFOLHQWHV TXHQRPROHVWHQ FRQXQUHFKD]RKDFLDVXWUDEDMR
 % 
)
  
  '.  


 
 . #
 


PRGLFDU\TXHYHLPSRVLEOHTXHFDPELHSRUORTXHGHULYDHQEXUQRXW

?91-"/ BDA$9AD%A$6B<$?#DA4A%J




$3[AR

A



: 




 *( #

2


 X%
 #



 9   ( #



 0
9  "
  



 
%   
 #
) 

   )
$


 #




 % 0 '

 1 
  
 %  0 #
 


  "
1
F  

 .

)   

 (
 
    
 
0
%,  
 '

 % 
  
 .  

   
 
 
 %
0
   
  '  


  

  .
<
    



   %

 % R
   

   

 %
'
   &
 

6  %    .

 
 %

#
   
 
    
  9
 

   '  .:  
"
 
& 
 

.


=>)   



  

    ? R
<  * )

"
. 49;
 ,*RD
(    

  :
/  
 8 
A  
6 
   

M6 


&
 
 '
"
F

. 
( 
 &

*  
   
  
 
3 

 
  
%
  
/ 
 

/   


    &
 #

   "
*      

   
   
2

@
  .  ")
   


F 


   "  " 
 


 

'.
D
 


<    

$ 


 #
 
 


 .
,  
 "


 

G'

 "  " 
 

G'

  

 


B 
3
6 "


3
6
"
 '
G '
A'
 
2
 "
 
2
3#
   

   

G'

  
 "
$'  

D 
 
  
 

/
 
 
  

-2 
3FARA 37A@3:
1 =D "  "
6  
 

 %? $


 

   

  8   #
(


 #

 

 

 
 <   &

 
4 

E 3RUTXpPRWLYRFUHHVTXHVHSURGXFtDQHVDVFRQGXFWDVGHDFRVRODERUDO"4XpVXFHGLyDOQDO"
1  ' 6 

  

  




 ,*RD:
%XVFDODVIDVHVGHOGHVDUUROORGHOFRQLFWR\ORVHIHFWRVSDUDHOWUDEDMDGRUSDUDODHPSUHVDSDUDVXHQWRUQRIDPLOLDU\VRFLDO\SDUDOD

  : :LLNNN 
L,]
LF
 L$
L 
L* L 
L45LP49;  '
R
  ( 
   
 

"
. #
    (: :LLNNN


L,]
LF
 L$
L J7,F3F,A*RH @,A$,F3RL LL
'95  '

@=

?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$




: 2 ( 


JB3@R $ @373MA:
/DXUD\(VWKHUWUDEDMDQHQXQDSHTXHxDHPSUHVDTXHVHGHGLFDDODFRUUHGXUtDGHVHJXURV/DRFLQDHVWiVLWXDGDHQHOHQWUHVXHORGHXQ
HGLFLRGHYLYLHQGDV\GHELGRDVXXELFDFLyQQRGLVSRQHGHLOXPLQDFLyQQDWXUDOQLYHQWLODFLyQ/DDOWXUDGHODRFLQDHVGHPHWURV\HO~QLFR
 

 
K 
  
 

#
 
 
  

 
 #

 
" 
,  #

  



 "(
:
/DDOWXUDFRPRRFLQDGHEHUtDVHUGHDOPHQRVPHWURV\HOSDVLOORGHEHWHQHUXQDDQFKXUDGHDOPHQRVPHWUR$OQRGLVSRQHUGHLOXPLQDFLyQQLYHQWLODFLyQQDWXUDOGHEHUiGLVSRQHUGHLOXPLQDFLyQDUWLFLDO\XQVLVWHPDGHUHQRYDFLyQGHODLUH(OVXHORQRSXHGHRIUHFHULUUHJXODUL 
 #

 "  


: 2 ( 


G3>J,*3@,3:
3 %
  

'.

  

 J  
 


    

#

 6 
 . 6  (#

   .

   


  3 .  


   

 ( 

  (#

 
  F  


,  #) 
 

"
.L
. 

 
   
"



"(
:
$
 <


#    F R
 

  '

%  .
 % 
 

  #  
 
' #
 
 


    (#
 '
 * 
#     

( 6 

: 2 ( 


@,RBA VF@,FA:
   %
  
.

" 




'
 $
    
.


  
   .
    6
 
 '


 
. 

(   #

 '

  


   "
6 

#
""
 
'    (#  #

  

  
 3
( 



"
  

 
.


"  #
 

( 
    

 
   

1 =3 #) 

(
2
   ? 1 =  #)
(  
 '

? 1 =>) .

 
   ?
"(
:

1 (
2
   

 
   
 
  

 
   
     


  
    #  
 
 '

'

 
 '


1  '


(   #
 
".


 
 < 
 
  


 '

  
*
( ' 
 

 

)   #


 "  


 
 #



1 $

 "  )
)  #
"
Q


(
    


: 2 ( 6


,*F*$,A
  

2
 ( 
 #



  

%  
2

" "
 37F  

2

   .  FA ,    

  #


2 6: 1 J 
 
   
)
1 J 

 #


6  
 1 J
# '(
 #


6    41 J '


 '(
 




  "(
:
1 2
FA 
 

 
  


  
 "     

 
1 2
" 37F  #

  . 
1 2
FA  #

 "   &  


41 2
" 37F  

 . 

@4




?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$

: 2 ( =


@J,$A:
 %
 


    '.


 
( 

2
  
    < 
.



. #

 "


2.

 

% 
  85    #


   


GHPHGLGDVFRQWUDHOUXLGR&ODVLFDODVVLJXLHQWHVPHGLGDVHQIXQFLyQGHVLKDFHQUHIHUHQFLDDOIRFRDOPHGLRGHWUDQVPLVLyQRDOWUDEDMDGRU
G
 : 1 @
6 


     & 1 ! 
 
 % 
 

  
 1 @





2.
 % 
 

 .

 
 %   41 F 
  
%
 
'
"
51 ,   
  6
 (#  
 6
%

 %  ;1 ! #
 % 
  


 
  
%


  91 R.
 # (     #
 
 

"(
: 1  1 %  1 %  41 %  51 G

. ;1 %  91 

: 2 ( 4


3B*R >J^G,FAR:
7UDVSUHVWDUVHUYLFLRVHQXQDHPSUHVDGHOVHFWRUGHOPHWDOGHVGHDXQWUDEDMDGRUVHOHGLDJQRVWLFDEURVLVSXOPRQDUSURGXFLGDSRUOD

2.  
 

  





 
    "
. 


    
,
.
%        

 5H
 
.
 %  
 

 

 WDODUQXHYDVPHGLGDVSUHYHQWLYDVHQWUHODVTXHVHHQFXHQWUDQODVVLJXLHQWHV 5HRUJDQL]DUHOSXHVWRGHWUDEDMRFRQODQDOLGDGGHUHGXFLUHO



2. 1 A'

   % 
  , 
    " 
 1 R
 
     


 41 ,  


2.  "
.

 

% R
&
 

 .
 
  
"
"
  
 
'

  '  

.   %  "(
:
E1 R
   

 
   0'1 E1 ,  


2.  "
. 0

.1 E1
@

 


2. 0
  6" 

 % 1 4E1 A'

  ,R 0% 1

: 2 ( I


F3@B3 ^R,F3:
  ' 



  

 . 
   '6    "
 

" ,  
 

 
  ( 



 :
1 J % 
 
 '
    
" 

 %



 
 '

"
.
 



  
 




"  
% 


"  

 
1 J %  

   
6

6 
( 




 
 
 
 &  %   
 


  6

  


     
 
6
1 J  


  

 %   
   

'  "
  
6  "
   
    6



  &
  #

 "   
 
"(
: 1 G. 
 1  '6  1 G"
 

"

: 2 ( @


A@B3*,Y3F,X* $ @373MA:
_
 % '
6


  '
& 
 ) 
  

4      #


(

6 
  $


 
"  _

(  
   


     


3
(
(  
" #
 
  "    '   % 


  
  % 
 
 


 
   %




    

  R %
'

    
. 

( 

 
'   

 
 #
% 
   
#


   
_
 

( 
 
%
 % #


VLHQWHTXHPDGDFRQpO&yPRHVWiLQX\HQGRHOQXHYRWUDEDMRQRFWXUQR\DWXUQRVHQQJHOD""(



( "   .

) 0 


 '

 %   #
  1 

'.  
 

     "
-
 #


  "    ' 0
. #


1  
( 



#
  01:
(     

(
 
  
  

   %  
  #

  

@I

?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$


. 





4MH ;
X
    '#:
 
 *(
1  
2 "(    



'H .%    



 
%(
MH ;
   

 *( 
( 
(%  9 
1 

%

 

   
 

1 

 
 (   
8 
  


 


1  
2 "(    #  
 


1  
2 "(   

)
1  
2 "(   .  #   


#H .%    







1   

".




%   
&6 

IMH &
   5
 %
L +

 ( 
    %  +

1    


1 
   ,   

)
2
  (
85 7

MH &
    
 +
 
2*(
 



1 R  #     


  

1  
   

    #

1 @

 )     &  
  85 7

1    



    #

@MH  


 (  ( 

1  "

  
"  
.


1  .
 -6  ") 

     
(    


1  
  #



 (# 
 

 
MH  %  (  
 


1 $
  
 
 

1 $
 '


  
".
1 $
 

 
 
1    

6MH ;

 
  ( 
1 F  
  
 "
 
#

(
 
.
1 F  
  " #


  


  
 #
 < '  #
  

1 
 

  "
(
  "

1 F  


"  .
  

1  .  


    "
  
 <
1 3  

3MH .   

   *(
1 
'

  
 6
  ( 
 #

  6

1 

'

  
 '%  "

(
 #
 
  
  


  %  %"
1   
 
 6

(   '%
   "

MH & %    (
1 #

 
   (
9EF




=MH  +   ( (


  (
 
   I  

1 F 
  
 6
  



&SURYRFDQGRHEUHHOHYDGDWDTXLFDUGLDLQFOXVRODPXHUWH

1 R
 
 
6. 
#
    
 "


1 F  '       

1 R
 
    -

1 R
 
 #
  "
 #
 
 &.   
 
 


 (QORVWUDEDMRVVHGHQWDULRVHQRFLQDVODWHPSH0
(   

1 4-5EF

1 6HSURGXFHODEULODFLyQYHQWULFXODUVLSDVDSRUHOFRUD]yQGHPD
 #
)

"
"
(#   
  

'



1 5-5EF

1    


1 *
 




  

%

@@

1 9-9EF




?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$

. 

MH   *( (
  %
 *(,0
 (

1 F"    


IMH & %



 % 
 2 

1   
'. #
 #

%   
 #



 

  
6

%
1  .

)  #

( 
   % 
1       
   
 

1 F

 "  (
   6 
  





1    


1 *
. 

 
2
 
 

@MH $      


  (L

  *(

1    

MH  %
 
(   % *(,
 
% 
1 #

   


'

 &
1 @

 

 

"       "
 


2.  
  
2.
( 
  "
1 6HEDVDHQODORVRItDGHTXHODGRVLVQRKDFHHOYHQHQRSRUOR
#
 #

 


2.  

#

1 3

 ' "     


6
1  


 




 "


 %   

"
 
 



1  

 

   (
K   

   "
 
'



   '
6
1 8WLOL]DUXQDWULORSRUWDGRFXPHQWRVHVEHQHFLRVRSDUDHYLWDUDORV
%
 

 #

'6


'  

'  



 
  

1    '

H .%    %


L

9

6MH &
    
 V % 
%  %  
(


3MH &
  +  *( 
%
*(
 
 ,  ( 2

1  
 
"
"  ")
"  


) 

1  '.  
 
 % 

1 $
'
 

6  

%

1 R 

 % 

"  .  #

 % 

   



1 * 
6  
%   
 " 

  



1  %   
%   

1    
  '

 
 .

MH & 
  5   +
 

:H .%    %  9

1  '



 #



 % 
 %   #







=MH .   
(

(  % 
 *(
1 3

 
   

% (
5 O
1   (2  

 O
1  %

 %."

  


   (2

(
8 O

1 
2


".

 

1 
 #
 
   #

(    

(
1 

#

 #

2

 %   

 %   

'


1      


'. #
 #

%
MH &
  
(    2

1  % 


   ( 
   (2  4O

1 *  
   
  
 

4MH - 
( (
 % 


1    &


    "

1 D #
 
  

   
 


1    
   
2


1 D #


  
  ( % 


1 $'  


1 D #
       

1     


   

@3

?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$




!3J3F,X* $ @,RBAR 37A@3R

)5 %
  (
 !$"A1
  
    ( " #

 ) 

".

 ( 6 


 , *
R
 
H+LJLHQHHQHO7UDEDMR ,16+7 8QDYH]LGHQWLFDGRVHQHVWDXQLGDGFXiOHVVRQORVIDFWRUHVGHULHVJRVODERUDOHVTXHSXHGHQDSDUHFHUHQXQ


% " 
" *(5 % 
 2 +(
 
(  +  
(
  


HQHOVLJXLHQWHHQODFHGRQGHHQFRQWUDUiVWRGDVODV*XtDVSDUDODDFFLyQSUHYHQWLYDTXHKDHODERUDGRHO,16+7KDVWDODIHFKD6HWUDWDGHXQDV
JXtDVVHQFLOODVGHHYDOXDFLyQGHULHVJRVSHQVDGDVSDUDODVPLFURHPSUHVDVGHPDQHUDTXHQRUHTXLHUHQGHJUDQGHVFRQRFLPLHQWRVWpFQLFRV
 
  
(QWUDHQHOEXVFDGRUGHOKWWSZZZLQVKWHV\SRQ&DWiORJRGHSXEOLFDFLRQHVDFRQWLQXDFLyQSLQFKDHQ&DWiORJRGHSXEOLFDFLRQHVGHO,16+7
\HQ'HVSOHJDUWRGRVORVQLYHOHV(QpOHQFRQWUDUiV NJ(,   

 Y=HO 


(     #


 
MH =:(2   %(, #


 

 #


 6? R 
( 
 


 
  )
MH C:  (L  %(,F

@
6  
#

 

% 
 
 0

 6
 -

 1    
  :
R 

  
 
 #

 
  

F
  
  0

 
#

 '. 

1

G   6 #) 
 
"
"  
6  
%  
  0
%


 -
1

3  
9
  
  
,HQFRQWUDUiVORVSHOLJURVFODVLFDGRVGHODVLJXLHQWHPDQHUD

!
  
>

A
 
/7 
$ 7 
% C  
9 H 
  
>

B
 8  
>

F
  
 


 

(#  


B
  "
  




(#  


 
. 

 

"  


F 

F 

  
F
)
 


 
F    #


  #
@


 
@


2.
% 
6  
%   
 
 '6 
F 
 



 
%
,.
 
%
R

% #
 

)
@



 % 

F  

 
 

   6.
  ,

MH ?    


 #

 
&  
  #
 

 


& & 
2
 

&  
  
#

 % 
   $
 


     
 
 

 " 



  
 

 
6

  < 

 

 
 
 

".


6MH  <


#) 
 
   
 
 
  



 
 <
  &

 JUXSRVGHDOXPQRV\UHGDFWDGXQDFKD

".

  
 


  


 
"
" 



3




?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$


*A@*A 37A@3

:


 *(,  
<
PXHUWHVFRQUPDGDVSRUHODPLDQWRHQ)HUURO
  '
  

 


 

 
 <
 

 J
#

.
 
'
 3#
 G
    
 "
6   
. #

2



 (

. #

 .  "   
 
2.    
 



  
)   

  .
#

G 


  " 

 
 & 

  


 

  
 "
6 
<  M

*DOLFLDTXHXQHVWXGLRFLHQWtFRSLORWDGRSRUIDFXOWDWLYRVHVSDxROHVFRQVWDWDODUHODFLyQGLUHFWDHQWUHHVWHPLQHUDO\ODPXHUWHGHORVRSHUDULRV
#
   
.    
 "   /$

 #

'


 

 % 


ORVDVWLOOHURVGH)HUUROVHUHODFLRQDQFRQQLYHOHVDOWRVGHDPLDQWRHQHOSXOPyQHQHOGHORVFDVRVKDUHVDOWDGRHO6HUJDVHO6HUYLFLR
*DOOHJRGH6DOXGTXHUPDHOHVWXGLR


  " 
 . 
6.
  ) 
 5
  . " #

  
  'QDEDELHQFRPRDLVODQWHWpUPLFR\VRSRUWDEDWHPSHUDWXUDVH[WUHPDV7DPELpQDEXQGDHQHQORVWHMDGRV\WXEHUtDVGHORVEORTXHVGHHGLFLRV
FRQVWUXLGRVHQODVHJXQGDPLWDGGHOVLJOR;;\VXXVRHQ(VSDxDDXQTXHVHOLPLWyHQ\QRVHSURKLELyGHQLWLYDPHQWHKDVWD
/DVPLFURVFySLFDVEUDVGHDVEHVWRVHGHVSUHQGtDQGHOPDWHULDOHUDQLQKDODGDVSRUORVREUHURVTXHORPDQLSXODEDQ\FRORQL]DEDQVXVSXOPRQHVKDVWDGDxDUORVFDXVDQGRXQVLQItQGHGROHQFLDVFRPRHQVHPDVFiQFHUGHSOHXUDRSHULWRQHRTXHUHVXOWDURQPRUWDOHVHQPXFKRV

  
" 

'
 

  
  
. '
 6  

2 
 


 
 

 
  

5;  8K &      

 % 

 

" #

 
2
    #


'


 

 
  


 #

  %
 
ODPXHUWH8QDDXWRSVLDHVSHFtFDUHYHOyTXHHOQLYHOGHFRQFHQWUDFLyQGHEUDVGHDPLDQWRHQORVSXOPRQHVVXSHUDEDORVPLOFXHUSRVGH
DPLDQWRSRUJUDPRGHWHMLGRVHFR8QQLYHOGHFRQWDFWRPX\HOHYDGR
 
 
 "
. 
    
. '
 F
 $
 

  


 < 

 R
GDG(VSDxRODGH1HXPRORJtD\&LUXJtD7RUiFLFDFHOHEUDGRHQ2YLHGR/DLPSRUWDQFLDGHHVWHLQIRUPHUDGLFDVHJ~QHO6HUJDVHQTXHFHUWLFD
XQDUHODFLyQGLUHFWDFLHQWtFDPHQWHFRQUPDGDHQWUHODH[SRVLFLyQDODPLDQWR\ODHQIHUPHGDG
 


  
.
& 



  <

'
   
 R  5 
<  

$JDYLGDODHQWLGDGJDOOHJDTXHDJUXSDDORVIDPLOLDUHVGHODVYtFWLPDV$YLGDODDVRFLDFLyQHVSDxRODFDOFXODTXHORVGDPQLFDGRVURQGDQORV
8    "

 #
 
 
(    ( 
  .2 )    F

 #




/


VLOHQFLRVRVHKDEUiFREUDGRYLGDV
(QHQHURGHOODSUHVLyQGHORVVLQGLFDWRVORJUyTXHHO6HUJDVMDVHXQSURWRFRORSDUDHYDOXDUDWUDEDMDGRUHVSUHMXELODGRV\MXELOD 
 
 

*" J 
K54 


( 
   
   


  '
 
6
 G

$
'
   

 

  
 "
6   
  #
%. 
 &
 
(
 '    
  


 
 
'

  ) "6

 %6  #
"
 






"   )'
J*  3,R 9-8-

FJR,A*R:
1 =>)
  #
  

#

.
 

?
1 =  #) 
6.
 
  
 ) 
 5? = #) 

 ""
  



?
F &yPRDIHFWDQODVEUDVGHDVEHVWRDORVSXOPRQHV"&yPRHQWUDQHQHOFXHUSR"4XpGDxRVRFDVLRQDQ"
G 6HJ~QODDVRFLDFLyQHVSDxROD$YLGDDFXiQWRDVFLHQGHHOQ~PHURGHGDPQLFDGRVHQ(VSDxDSRUHVWDHQIHUPHGDG"&XiQGRDOFDQ]DUiVX
  ( " 
 #


"(?

1 $
 ; 9 % 
  % 
  
  
 *" =( 

 
 
?
'1 =>)  
   
 "
6
 G

$
'
?
1 =F
  
 #

 
2
     ' 

'

 ?

3

?91-"/ BDA$9AD%A$6B<$?#DA4A%J0/ %4%9/9A$




$JF3F,X* * !3A@R *  GJ*$A 37A@3

' X( 
 9<
 R
  
 
 
F 

% 
"   
 KK;    . 
   G
%
 F 


!  
% 


 
. 0
  
21 
  
 
  #

  
2 
  '
.

(  #

'

  %

  

 
%  #
 H
%

    "
 
2
  < 


 

   
6.


 R 



 
 #
 
%

 '
 

%


 
   
.

   

 
& #
 %

 #




 
  (  
  "
 
2 #
#


6





 
 

 
%
#

& 
     
2


 '
  H
R

  
2 




 "
2
  

 

6  #
 


   
   #
 

 

 
   
 
2
 


#
 "
  
2  

%

 J 
  



 
#

2
 " 
  
2  #
 `  a
( 
    (
  



6 R

 

  

( #
"
   



 #
  

 
2
   
   



#

2 "
 
#

2
 .

  

 "
 
2 
  




.   "
 



 
  A, 
& #
 %

  (  

     "  
  "  %

 #
%

 % 



 %

 
) 
 
  '
6
%  %

  


 

 @

 .
 F 
 
 KL
9 *"

KK 
"    
 %
 
 


 %  

DFRVRVH[XDO\SURSRQHODVLJXLHQWHGHQLFLyQ
`   

6 
2   
  

 
2 #
'
    
 %
 
 


 %  
  


  &
 
 

\
1   
 

  6
 '
"   
 #

 %

 
1  
" 
 


 
      



  % 
 0   

   &
1

6
'
2    
 
. #


'
 

 

 
   '. '
  


 
 .
 
   
#
 

 
" 

 L
1    
 
      
  
 #

 %

 \ 
#
   






    
 
a
  
  


 
  
6 


2
  

 #
   


    "



 
 
  


    .
  
$
 
 (
"
 



@

 '


%


 
:
  ' 

  0  '

6 
21 


 " 



 

    
6# 

 
 



  
 

".   .   

 
2

   "


6 
2 

 
 
2
 
 
  
.   "  
2\ 

SDUDXQDDFWLYLGDGVRFLDOIXHUDGHOOXJDUGHWUDEDMRGHVSXpVTXHVHKD\DSXHVWRHQFODURTXHGLFKDLQVLVWHQFLDHVPROHVWDLUWHRVRIHQVLYRVFRPHQWDULRV

  
  
 

(QODFRQGXFWDQRYHUEDOGHQDWXUDOH]DVH[XDOTXHGDUtDQLQFOXLGDVODH[KLELFLyQGHIRWRVVH[XDOPHQWHVXJHVWLYDVRSRUQRJUiFDVGHREMHWRVRPDWHULDOHV

   <     


 
 

J 
  
.


    

  

% 


 
2
 '

 


HOLUWHR\HOFRPSRUWDPLHQWRURPiQWLFR\HODFRVRVH[XDO/RTXHKDFHGLVWLQWRVDXQRVFRPSRUWDPLHQWRVGHRWURVHVTXHODFRQGXFWDHQFXHVWLyQWHQJD
 
     
   #


 
. 
2
  
2   
"



 

    







 
 #

  
 


#) 
  #

 
  
.
 
"
% #

 
     

.
#) 
 
   

  #




 



  
 


 

"
 
 


   R 


 

 
 
   " 

"
    
  
   
  '
"
  
 #
    
  
.

% 
J*: 2
 * )

"
. 59 , *
R
 
D



 %

1 =>)  
2
 

  
2? =>) %

 

 (  

'  
2?
1 
 


 

  
2 
%

  '   "

   "


F 4XpGLIHUHQFLDVH[LVWHQHQWUHHODFRVRVH[XDO\HOLUWHR\HOFRUWHMR"3RUTXpHVGLItFLOHVWDEOHFHUXQOLVWDGRGHFRQGXFWDVSURKLELGDV"'H
#)



 < ?
G 7UDEDMRHQJUXSRUHGDFWDFRQGXFWDVTXHFUHDVTXHVRQDFRVRVH[XDO\TXHSXHGDQVHULUWHR6LODVFRQGLFLRQHVGHODFODVHORSHUPLWHQ
6 
  
   
 

 <
 
A
"  '



3

?  

A 
 

C  
: $1&$! "
1A  
 
*#

C  
,$ 
  
2/ 

 
 
)
    
3& 7 

C  

#>&1!? "
0
 
    
 
0$
  

 
   
0$
   
 
    >
   

0$
  

  

C  

 
 
  

   

0
   
 
    7

?911A:AD6A%/$<#D%:ADB$/?O%!%B$




< & 


 (

#;":' &$ ' K&#

R #

  '.


 

. 
 @$ KL9


.

 



:
:LLNNN 

LL 
? W7A-3-9-;9

 


"
.
@



KK5 
& #


 

  .

 (

 %


  


 

  

 
:
$

 6
  (




 0 
  
2.
1  
 


 
 2   
   
 

".<
R

  

 
   
 




 



 
'.   
 


  

#



   .   X
: 
 
 
.
"





 9 
.  " 

  (
    
 
  %
  (
(
 
 
 (
  (
 #



 

  
"
  
 
 
 
   

   

   
 





  ( 
 
. F" 





    )

 



 

   .
 


 

.
     )   #
 








  ( '. 

 
 
2 ,,
 @$ KL9





 6#
 

<< & 


 %

(OSODQGHHPHUJHQFLDVHVXQGRFXPHQWRTXHWLHQHFRPRQDOLGDG
  
 
%
L  
 '

  




 #


    




. 

 3
 



 
 
: 





  
"    
 
#



 #


 
"


- %

 











'(
  
"  
&*(  %
 #


 
"


$ &ODVLFDFLyQGHODVHPHUJHQFLDV
/DVHPHUJHQFLDVVHFODVLFDQVHJ~QVXJUDYHGDGGHODVLJXLHQWHPDQHUD
  

#



  
' 
 
 





 
 
 
 

 #



   
 
 

2
A 
    

#
 
   

 
   
HTXLSRVGHWRGRHOHGLFLRSHURFX\RVHIHFWRVVHOLPLWDQDXQDVRODiUHD

 
A 
 



  

#



   
   

 
GHPHGLRVH[WHULRUHV&RQOOHYDODHYDFXDFLyQGHOHGLFLR








 (2 
  (
  %
 0
FDUODV 
 
    "
    )
 '.
 

 
 . 

  #

"
 '
 

36

?911A:AD6A%/$<#D%:ADB$/?O%!%B$




#H '(
 
  %

 



.

 

. ( '

 
 


 

. 
 
( 
 
 

 
 ) 0
%
  1  
 
 

 
 

 "



     

 
    
&

".
 6

 

:   



 %
'




      
 "



    
2


: 
. " 


3  #
 
 

 
 ) 0 1  
 

 
$

 

 
    
#
 
". 0%  
.
 %
'




1
:  

#

 2 

   
    
 
".

 

#

 
"
. 


 


      
2

 
)  
R
   
  
". 

.
 
    
 
 :
 6 

  
 ""
  
  

  
A 
 

  

#

 
(  

 
:    
 

\ 
 
 

  "
\    %  
6       &
 <
 
 6  \  



   
    
 
    
#
   
 

  % 
 #
' 
#



 
  
    #



  

  
2
  
 
 .
 %
'







    
2




  
  
'
 

/ C
  




 


    .
9 



:H &*(  %

R

 
  9   
 #
"  ' 

 
 *(
 %
  



 + 

    '

 




 .



  #


  
2



 

 
 



 #

  
 #

"


 
  

 #
 



  
. 
"
 
   . 

 +


(  '.  ")
   
 
   L
0
   ( 0 
   &1    

 6   
 




 





>+  %
:

   

#



 R


 

   


  
"
2

>+  


: 
 



   
#




&*(   (
:   
  6  

". 




.
&*( 
%


&*(   (X: 


  
 2     
".



 
&*(   


:  


   

#



6 0
2

1 F   
"
2

&*(  %(
 


: 
 
#

 
"
.  
  

 


 .
    
%  )
 
6  

6  
 )    
"
2


3=

?911A:AD6A%/$<#D%:ADB$/?O%!%B$




< - (X


 

 

   
 

 % 
  

   .
EHUtDHVWDUVXFLHQWHPHQWHIRUPDGDSDUDSRGHUSUHVWDUSULPHURVDX[LOLRVHQFDVRGHXUJHQFLD\DTXHOD
(  . 
 

(   
 
    
0

 
 

 #

6
 
.

 2
  
:
!
  ( (  

:  

 #




(
  *(
   
1:  
6  
  
  %   
 5  


6
 

   

 
(

  %

  %
%FX\RLQFXPSOLPLHQWRHVWiWLSL   /  
 O
  K5
 .  
   
 #

 
 2 

( 
 .  
(




 '
 


 &  



:
& *(
 DXQDSHUVRQDTXHVHKDOOHGHVDPSDUDGD\HQSHOLJURPDQLHVWR\JUDYH(

(  
%  


 
(    


.

   

 0 




(     1    #
   
  


 
 
(%
 (X
R
 

    +(
  *(
  (X  
 
(

.
; 

   &  
.
;   

  
  
 .
;


   &  
.
;  4 



<< -
 %
  (



: ,*RD

3
#
 . #




 
  
  #



-<'<"<: %  <

#


3

  #


  
 
#

 
   
 +(   %  #



#

2
 
  



%
:

  



 
 
 #

 #
 

   
  



   
 

# R    
  
3 .

  ( 

   
 
   




 J "
6  
 "  

  
 
    #

/ 

JXHQORVVHUYLFLRVGHXUJHQFLDVSXHVHOORVVRQHOSHUVRQDOPiVFXDOLFDGRSDUDDWHQGHU
 


J "
6 
 
   "    ( 

 
  
$



   %
  


   
.  



 
 
 
"



: 2 
3  7
 %
   #


 

 $
 .
   # 3 '


  
 
 . #

 
"   7
 #




    =F.



 7
?
"(

7

 
 



 



    3
( 
   #




  



    
 $

"      



  

  

   "
 

 
  
  


 2

34

?911A:AD6A%/$<#D%:ADB$/?O%!%B$




3
(



 

 3 R 

 

 
 %

.:
F
"     

 
"  %

R
 

 

%   (

@
6 . *( *(  
L
 
'

 
   #

 
G

   
 (   (      #
 
  


 

 


$   
  " #

  

    
 

 


 

1
*(L  
   #
 "
  
 
$ 
      
 


#;":' &$ ' K&#

!^$A $ F@JY @AM3



  (
 F6
@%

 





"  

 

#

6 
  



.
:LLNNN 6%
L
P
N
L'L
P2L"
L 

<< 
 

 
F  
  <
 "  #
 
.
 #) "  



 
  


 

 %
  '
6   
 "
6
  

SDUDFODVLFDUDORVKHULGRVHQIXQFLyQGHVXJUDYHGDG



 6  
  
  %


    
 
 '.

ODQHFHVLGDGGHDWHQFLyQ/RVFRORUHV\VXVLJQLFDGRVRQ

Tarjeta roja

Tarjeta amarilla
Tarjeta verde
Tarjeta negra

6LJQLFD SULRULGDG XQR \ VH FRORFD HQ DTXHOORV SDFLHQWHV FX\D YLGD FRUUH


3RU HMHPSOR SDUDGD FDUGLRUUHVSLUDWRULD DV[LD KHPRUUDJLD JUDYH TXHPD  "

R
  

 #

#

    
  "   

 
%
: )  

 
 
 #

)   ' "

R
  

 #



  
 
%
: 
  
"
 #
   ' 


R
  #
 
  #
 

  

"" 
 '
 
R  <
 
 
  

: 2 
 


 
 

2. 

 
(
     " % 
 
"
 '
  
 
  @
6
 
 '     %
 #



   
1 J %  #
 

  
  

 
 

    

1 J %   #
 
  
1 J %  #


 '
  
   
1 J %    
  

  6
"(
:

3  % 

 
 1  1  #


  %
 % 
 

   
3 % 
 . 1 


 %
   #


 ' "
  #
 
  " 
3  % 
 . 1 



  %
 "

 
 

 #
  


3I

?911A:AD6A%/$<#D%:ADB$/?O%!%B$
C"'#D'" E;&<<<F

R #

  '. 
 @

 


 F
%


@
.
0
 @

F1 




 (
 6.
$QHVWHVLDU OD FXDO UHDOL]D
 (
Y
0

H 

 
R 
 


 

 
 "

#
 
 
 (:
:LL

 LL

-"--
-


- -

 
-L
R  #



 




+  0


1


 




  . #

6
 F
%
&
@
.
F :
:LL

- L 


L

  '
  ( 5    (


#

(
.




< "  2


  
  .
(2



 #



 " 


   '
2


 

 

 

 
"

    
  


"     
  #
  .:-  


(
   

   
  
. 
 
 
 
  2 
   
.    #


 
" 



 #




(

 (

 (

%
 
*( (  
9(%  

 .

    :
9 &(  .

    0
 

  



 
" ( R

  #

 0


  2 2   *( X       
"
 




  #
 "
   

 

  
  



 .  "
 
  
 
 
) 
 .


.   

 " )
 )

 
6

' (     


 %
 
     '
'
  :L
03D31 
 , 2 
 
LQLFLRSUHFR]GHOPDVDMHFDUGLDFRHOLPLQDQGRODLQGLFDFLyQGHREVHUYDUHVFXFKDUVHQWLUODUHVSLUDFLyQ
#



2  
.   "
6 #

"  
  
  (
. "

 
 

 


#
:

E1 A7R@!3@ R, R_ FA*RF,*


E1 37@,@ 3 !^3 @R ,@3A@,3
-'" " &$ &
" - .1& ?!1' #S"!:

E1 FAG @A73@ R, @R ,@3


4E1 @3,Y3@  G3R3M F3@$,3FA
5E1 @3,Y3@  7AF3 3 7AF3

<<   2 




*   %   "  
  "



  
( 
. 


 #) 
  
R  "
( 

: 


  
 

  
 
  '

R 
( 

: 
   

     " 


<< '  , 


(QRFDVLRQHVODVLPSOHLQFOLQDFLyQGHODFDEH]DKDFLDDWUiVHVVXFLHQWHSDUDTXHXQDSHUVRQDYXHOYDD

 
 



 #
 " 

) (   
%(
 




  
   


( X
R
(  "
( (


 )
 X

 ( 0 
+
0

1

3@

?911A:AD6A%/$<#D%:ADB$/?O%!%B$




: 

0 
F

 
"  

 
 
( 
      " 

 
  #
  
  '


 " 
   ( 
 



 
 
   
2
  

2&
 
 " 0

1
R



"
    


 
 
#
  
. 
"

<< :  



: ,*RD

 @

 


 F
% 

@
.  
   )
 /
, 
SHURGH+ 2
 (
 ( 2   %(

     
6
 
 %
 
4

B7

$

!
 #

 
  "



"  %
F 
 
% %   
F  
% 
   6  

 


'H " :

R  
 
  
 
  %( Y-"H F
 

#

  %(   
   ".
#  !
 $
 N#!$Q
*   %  

  
   
"  
 %
 #


 

  #
 
  
R

  
  

 6 ( .2
 ( 
 
 
 
   
 
   
 
   


  
%   




 .
F   #
#
 


  
 
 ( 
%   

"    
 
 

 

G

   . 


  
 

  
   
 
 
QRVRWURV/DSLHUQDGREODGDVHH[LRQDHQiQJXORUHFWR
F  
6  ( 
  #

%
 
%



: ,*RD

#H "
 

R  
  

       %
 01  
 

 ( 

 GHVEULODGRUDXWRPiWLFR 
  
 


 %
 

<6< )9 


  ( 

#
 
  ( 5


 2  
%(
 *(
  (  
 
6
 %
 




OOHJDGDGHOGHVEULODGRUDXWRPiWLFR
  
2

 


 
 ( ,
  
.  #





 (
  @

 


 F
% 

@
.  

3. 3

 F6. 
 )
 
L  

 ( 
  ,
 (  
  





: ,*RD

33

?911A:AD6A%/$<#D%:ADB$/?O%!%B$
#;":' &$ ' K&#

!^$A $ F@JY @AM3


   
 2  
 "
(
#
  


'


  

 2 
 
"
 (
 0



  N

F6
@%

 




 "6
 "
 

R
! 7(:
:LLNNN 6%
L
P
N
L'L
P2L"
L" 
$OQDOL]DUODXQLGDGVHUHD6(  "  


" 


"






 
  >

&RORFDUDOSDFLHQWHERFDDUULEDHQXQDVXSHUFLHGXUD
6  
'



. 0

 
 #


'<